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Elections: Capital market operators project gradual equities rebound

Lagos— Some capital market operators, yesterday, expressed optimism that the nation’s capital market would experience a boost with the near successful conduct of the presidential and National Assembly elections.

They told newsmen in separate interviews in Lagos that peaceful conduct of the elections would increase investors’ confidence in the market.
Alhaji Rasheed Yussuf, immediate past President, Association of Stockbroking Houses of Nigeria, ASHON, said anxiety surrounding the general elections would reduce with the outcome of March 28 polls.

Yussuf said the market had started reacting positively to the outcome of the elections, noting that more investors would emb
race the market.

“It is a good thing that the presidential election, which is more critical, has come and gone without violence,” he said.
Yussuf said the outcome of the election had shown that there would be Nigeria after the elections, noting that the tempo should be maintained.
He said the market would react more positively once a winner was declared because there was no major violence.
“Anxieties surrounding the general elections will be subdued because there was no major riot or violence,” Yussuf said.
Mr. Olaleye Williams, Managing Director, GlobalView Consult & Investment Ltd, said the market would witness increased activities if the tempo would be maintained.

Williams said local and foreign investors that exited the market due to election anxieties would return to the market.
He added that the development would increase activities of speculators in the market, to make quick return in the next couple of days.

Meanwhile, a turnover of 2.51 billion shares worth N24.12 billion were exchanged in 19,971 deals last week against 1.38 billion shares valued at N12.05 billion traded in 16,877 deals in the preceding week.

The financial services industry led the activity chart with 2.19 billion shares worth N14.14 billion achieved in 12,589 deals.
The conglomerates sector followed with a turnover of 161.71 million shares worth N1.09 billion traded in 1,223 deals.
Third place was occupied by the consumer goods industry with 67.49 million shares worth N7.16 billion in 2,516 deals.

The All-Share Index last week rose by 1228.7 points or 4.19 percent to close at 30,562.93 compared with 29,334.23 points, posted in the corresponding week due to price appreciation.

Also, the market capitalization improved by N530 billion to close at N10.319 trillion against N9.789 trillion achieved in the previous week.
Dangote Flour Mills led the gainers’ table for the week, appreciating by 27.59 percent or 80k to close at N3.70 per share.

Champion Breweries followed with a gain of 23.84 percent or N1.23 to close at N6.39, while Forte Oil Plc increased by 18.33 percent or N34.84 to close at N224.89 per share.
Conversely, UBA Capital topped the losers’ chart in percentage terms, shedding 21.82 percent or 36k to close at N1.29 per share.
UAC trailed with a loss of 10.97 percent or N3.95 to close at N32.05, while Sterling Bank declined by 8.30 percent or 19k to close at N2.10 per share.


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