Investors bullish over Emefiele’s suspension as stock market gains N1.2trn

By Cynthia Ezekwe

Stocks of Nigeria’s listed equities on the Nigerian Exchange Limited (NGX) garnered N1.22 trillion on Tuesday June 13, the first trading day after the suspension of Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), as stock investors viewed the development in a positive light.

The All-share index (ASI) appreciated by 4 per cent or 2,232.58 points to close at 58,163.55 points, while the market capitalisation increased by N1.22 trillion or 4 per cent to settle at N31.670 trillion.

The market’s positive return year-to-date (YtD) increased to 13.49 per cent.

Investors exchanged an aggregate of 1,186,493,589 shares, in 10,369 deals,valued at N19.225 billion. Stocks like UBA, GTCO, Zenith Bank, Japaul Gold and Access Corporation were actively traded.

The Nigerian Stock Exchange (NSE) banking index rose by 6.7 per cent to lead the sectoral performance, followed by the NSE insurance index which gained 5.4 per cent.

Also, the NSE consumer goods index and the NSE oil and gas index also advanced by 4.3 per cent and 3.9 per cent, respectively.

Access Bank, GTCO, and Zenith Bank are currently up 68 per cent , 33.9 per cent, and 28.3 per cent year to date.

Also, UBA and FBNH which make up the FUGAZ are up 33 per cent and 43 per cent year to date respectively.

The market breadth closed positive, as 62 stocks appreciated among which the top 10 advanced above 9 per cent on the day.

The top gainers were Access Corp, GT CO, NASCON, Zenith Bank, and Lasco all of which gained 10 per cent respectively.

On the contrary, the top losers were Elah Lakes, which declined by 10 per cent; John Hold which depreciated by 10 per cent, Caveraon which shed 4.6 per cent; Veritas also lost 4.35 per cent, and Honeywell Flour recorded a decline of 4.29 per cent in its share prices. .