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NGX Trading Continues Amid Strike, Investors Lose N103bn
NGX Trading Continues Amid Strike, Investors Lose N103bn....KINDLY READ THE FULL STORY HERE▶
The equity market on the Nigerian Exchange (NGX) began the week on a downward trend, halting the previous session’s gains as investors lost N103 billion. This decline was driven by sell-offs in Tier-one banking stocks and cautious trading behaviors……..CONTINUE READING
Key stocks such as FBN Holdings, United Bank For Africa (UBA), Access Corporation, Fidelity Bank, Transnational Corporation, Nigerian Breweries, WAPCO, and ETranzact experienced declines, contributing to the market’s weak performance.
As a result, the market capitalization, which started at N56.172 trillion, dropped by N103 billion or 0.18 percent, closing at N56.069 trillion. The All-Share Index also fell by 0.18 percent or 112 points, settling at 99,118.86, down from 99,300.38 recorded on Friday. Consequently, the Year-To-Date (YTD) return decreased to 32.56 percent.
Despite the ongoing indefinite strike by workers under the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC), the losses recorded on the Exchange were unrelated to these industrial actions. Haruna Kebira, a stockbroker with Global View Capital Ltd., clarified that trading on the Exchange is typically unaffected by national strikes, as the NGX does not belong to any workers’ union. Therefore, labour strikes do not interrupt trading activities on the Exchange.
Kebira noted that the first week of a new month often sees a slowdown in activities, which might lead to losses like those experienced. He attributed the bullish trend observed last week to month-end effect activities and expressed optimism that the market would pick up positively by mid-week. He added that June is usually a positive month for the market, as investors reinvest dividends received, which should help the market rebound.
Despite the downturn, the market breadth closed positively with 23 gainers and 17 losers. Cornerstone Insurance and Deap Capital Management and Trust Plc led the gainers, each rising by 10 percent to close at N2.09 and 44k per share, respectively. Oando followed with a 9.75 percent increase to close at N12.95, while Veritas Kapital Assurance rose by 8.47 percent to 64k and RTBriscoe gained 8.33 percent to close at 52k per share.
Conversely, ETranzact led the losers, dropping 9.82 percent to close at N5.05. Unity Bank closely followed with a 9.80 percent decline to N1.38 per share. Jaiz Bank fell by 9.65 percent to N2.06, McNichols Plc shed 9.09 percent to close at N1.00, and Japaul Gold lost 4.78 percent to finish at N1.99 per share.
The analysis of market activities showed a decrease in trade turnover compared to the previous session, with transaction value down by 38.92 percent. A total of 349.59 million shares valued at N5.24 billion were exchanged in 8,082 deals, compared to 434 million shares valued at N8.58 billion exchanged in 8,525 deals in the previous session.
Veritas Kapital led the activity chart in volume with 57.95 million shares worth N35.94 million. Guaranty Trust Holding Company (GTCO) led in value with 47.63 million shares valued at N47.63 billion. Access Corporation traded 46.32 million shares worth N796.32 million, AIICO Insurance transacted 30.71 million shares worth N30.79 million, and Regency Alliance Insurance sold 14.55 million shares valued at N5.64 million.
Chief of Staff to President Bola Tinubu, Femi Gbajabiamila, has advised the House of Representatives member of the African Democratic Congress (ADC), Leke Abejide, to remain in his party.....KINDLY READ THE FULL STORY HERE▶
Gbajabiamila made the remark during a birthday celebration organised in honour of Abejide, according to reports.
He noted that the All Progressives Congress (APC) was pleased with the lawmaker’s activities within the ADC, adding that his presence was creating internal tensions in the opposition party.
The Chief of Staff also urged Abejide to disregard calls from APC members, including former Kogi State Governor, Yahaya Bello, who had reportedly encouraged him to defect to the ruling party.
“Don’t come to APC. Stay in ADC and scatter them. We like what you’re doing. Don’t mind former governor Yahaya Bello, who said you should join APC. No, no, no, stay in ADC and win your election. Also, bring Bala Gombe, and we’ll support him. Good luck in court,” he was quoted as saying.
Meanwhile, fresh tension has emerged within the African Democratic Congress as factional leader Nafiu Bala accused former national chairman Ralph Nwosu of misrepresenting the purpose of a recent party event.
Bala, speaking in an interview on AIT on Monday, said he was invited to what he believed was a routine meeting to welcome new members but later discovered it was used to announce a new leadership structure led by David Mark.
He explained that he only realised the full agenda after proceedings had begun, adding that the event also featured Nwosu stepping down while unveiling new party executives.
According to him, the development has deepened existing internal disputes within the party, especially with the appointment of David Mark and others into key leadership positions during the gathering.
Leaders of the All Progressives Congress (APC) in Ogun East Senatorial District have reportedly endorsed Governor Dapo Abiodun as their preferred candidate for the 2027 senatorial election.....KINDLY READ THE FULL STORY HERE▶
According to reports, the decision was taken on Monday during a large political gathering held at Adeola Odutola Hall in Ijebu-Ode, which attracted party stakeholders and grassroots representatives from across the district.
A statement from the governor’s media office indicated that the meeting was widely attended by key APC figures, including members of the Governor’s Advisory Council, former and serving local government chairmen, councillors from all wards, as well as current and former lawmakers at both state and national levels. Women leaders, youth groups, and other stakeholders were also present.
Party leaders at the event expressed confidence in Abiodun’s capacity to represent Ogun East effectively at the National Assembly, describing his leadership record as a key factor in their decision.
They also resolved to formally communicate the endorsement to the governor and begin mobilisation efforts ahead of the 2027 electoral cycle.
The Secretary to the State Government, Tokunbo Talabi, noted that the governor’s performance in office and his role in fostering unity within the party were central to the decision to support his senatorial ambition.
The Presidency has criticised former presidential candidate, Peter Obi, questioning his leadership ability and accusing him of failing to manage internal crises within the Labour Party (LP).....KINDLY READ THE FULL STORY HERE▶
According to reports, the Special Adviser to President Bola Tinubu on Media and Public Communication, Sunday Dare, made the remarks during an interview on African Independent Television (AIT) on Monday.
Dare argued that Obi did not found the Labour Party and does not have full control over its structure, adding that his handling of party disputes raises concerns about his leadership capacity.
He further alleged that Obi has shown a pattern of moving between political platforms rather than resolving internal challenges, insisting that he “cannot fix” his own party.
Dare said the Labour Party’s internal crisis had been visible for years and questioned Obi’s level of involvement in resolving it, suggesting that he instead left the party amid the turmoil.
He stated that such leadership qualities should be scrutinised given national responsibilities, adding, “You cannot fix your party.”
The presidential aide also addressed claims linking the Presidency to the crisis within the African Democratic Congress (ADC), rejecting any involvement and insisting the party’s internal issues were not influenced by the federal government.
He maintained that the ADC situation is already before the courts and should be resolved through judicial processes rather than public agitation or political pressure.
Dare urged all parties involved to respect ongoing legal proceedings, stressing that court decisions would ultimately determine the outcome of the disputes.
He added that the government remains committed to respecting the judiciary and warned against attempts to influence public opinion while cases are still being decided.
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