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Stock Market Records Unprecedented N6.3 Trn Gain
This comes as Nigeria’s currency, Naira, sank deeper in the parallel market during the weekend, trading at N1,270/ USD1, the weakest in history….CONTINUE READING....KINDLY READ THE FULL STORY HERE▶
Meanwhile, the NGX, All-Share Index, ASI, a major stock market indicator surpassed the 90,000 points mark, driven by robust investors’ interest in diverse stocks across the Industrial, Insurance, Oil & Gas, and Consumer Goods sectors to close on Friday at 94,538.12 points from 83,042.96 points the previous week.
Analysts have explained that the mixed trading pattern on the Exchange reflected profit booking and portfolio repositioning by market players as they hedged against Nigeria’s galloping inflation while timing the dividend season, a situation that is not helped by the mixed outlook on the fixed income market where rates continue to fluctuate in the face of unclear direction from the Central Bank of Nigeria (CBN), whose Monetary Policy Committee (MPC) meeting has been postponed several times. The meeting is now rescheduled for next month.
Analysis of the market last week showed that the NGX market capitalisation, which represents the total value of stocks in the Exchange surged to N51.735 trillion from N45.442 trillion the previous week. Consequently, the Year-to-Date, YtD, return surged to 26.4%.
Analysts at Cordros Research stated: “In the short term, we expect market performance to be dominated by the bulls, as positioning for 2023 full-year earnings releases and accompanying dividends declarations should outweigh profit-taking activities.
‘‘Notwithstanding, we advise investors to take positions in only fundamentally justified stocks as the weak macro environment remains a significant headwind.”
Commenting as well, analysts at InvestData Consulting said: “We expect mixed sentiment on positioning and profit-taking, as portfolio realignments persist ahead of more unaudited fourth quarter, Q4 2023 numbers in the face of volatility and expected MPC meeting. ‘‘Any pullback at this point will add more strength to upside potential. As such, investors should take advantage of price correction’’.
Former Vice President Atiku Abubakar has argued that the North is not disadvantaged in Nigeria’s power-sharing arrangement under democratic rule.....KINDLY READ THE FULL STORY HERE▶
Atiku made the statement during an interview on Arise Television, where he spoke on zoning, fairness, and political balance in the country.
He noted that since Nigeria’s return to civilian rule in 1999, the South has held the presidency for about 18 years, while the North has governed for roughly 10 years.
According to him, this should be taken into account when discussing which region has benefited more from the country’s power rotation system. He also maintained that the Peoples Democratic Party (PDP) remains the only major political party with zoning clearly embedded in its constitution.
“The South has governed for 18 years and the North for 10. So who is really in deficit if we are being fair? Even more broadly, the only party with zoning formally entrenched is the PDP,” he said.
Atiku also recalled the constitutional conference held during the military era under General Sani Abacha, where he led a group that opposed the inclusion of rotational presidency in the constitution.
He said the proposal, championed by the late former Vice President Alex Ekwueme, was rejected at the time because his group had majority support among delegates.
According to him, Ekwueme later acknowledged that the decision may not have been ideal during his funeral years later. Atiku added that he now believes a rotational system, if adopted earlier, could have ensured a more balanced distribution of power across Nigeria’s regions.
Former Vice President Atiku Abubakar has spoken about the source of his wealth, saying it was built long before he entered politics through years of business investments.....KINDLY READ THE FULL STORY HERE▶
Atiku made the remarks during an interview on Arise Television on Wednesday, where he explained that his fortune came from ventures across logistics, real estate, agriculture, education, and the oil and gas sector.
He said he was already a fully established businessman before joining politics and had interests spread across different parts of the economy.
According to him, his financial background has never been in doubt because of how his wealth was acquired.
Atiku also recalled his role in the early formation of the Peoples Democratic Party (PDP), stating that he was among its key founders and also contributed financially to its establishment.
He further noted that during the administration of former President Olusegun Obasanjo, a panel was set up to investigate his activities. He said the panel included figures such as Nasir El-Rufai and Nuhu Ribadu, and that he allowed the process to proceed without relying on his immunity.
“I made my money through business before joining politics. I invested in oil and gas, logistics, agriculture and other sectors,” he said.
“I was already established in business before I came into politics.”
“I played a major role in setting up the PDP and contributed financially to its formation.”
“No one accused me of corruption because my sources of income were clear.”
“A panel was set up to investigate me, and I allowed it to go ahead without hiding behind immunity,” he added.
Atiku remains active in Nigerian politics and is currently seeking the presidential ticket of the African Democratic Congress ahead of the 2027 general election.
A Federal High Court in Abuja has granted approval for a fresh legal move seeking to compel the Nigeria Police Force to reopen investigations into the death of Nigerian singer Ilerioluwa Aloba (Mohbad).....KINDLY READ THE FULL STORY HERE▶
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