By Dipo Olowookere
The Nigerian Exchange (NGX) Limited lost 0.31 percent on Monday on news that Department of State Services (DSS) agents raided the Central Bank of Nigeria (CBN) headquarters in search of its governor, Mr. Godwin Emefiele. nervous investors.
Over the past few weeks, investors in the local stock market have been watching closely as secret police have moved to arrest the central banker for allegedly financing terrorism.
However, things went awry yesterday after it was reported that security officers were at CBN’s office in Abuja, disrupting its activities.
The main bank later that day issued a statement that Mr. Emefiele, whose whereabouts had hitherto been the subject of speculation, resumed service after a holiday abroad.
He left Nigeria with President Muhammadu Buhari last month for the US-Africa Summit in Washington, DC, but did not return to his boss after the show.
There is no indication that Buhari is getting involved in the matter to reassure investors, especially abroad, that the rule of law would be allowed because of the wrong signal the matter is sending to the world.
On the stock market yesterday, investors traded cautiously, creating selling pressure, causing the trading volume, value and number of trades to increase by 2.16%, 26.92% and 13.68%, respectively.
A total of 221.9 million shares worth N3.3 billion were traded in 5,219 deals on Monday, compared with 217.2 million shares worth N2.6 billion traded in 4,591 deals last Friday.
UBA sold the largest number of shares yesterday, 22.9 million units, followed by GTCO, which traded 20.0 million units. Transcorp traded 14.6 million units, FBN Holdings traded 14.1 million units and Zenith Bank traded 13.5 million units.
From the analysis of market data by trade publication, the banking sector suffered the sharpest fall as its index depreciated 3.39 percent. The industrial goods counter fell 0.18 percent, the consumer goods space sold out 0.08 percent, while the insurance and energy sectors appreciated 0.39 percent and 0.09 percent. cent, respectively.
At close of business, the All-Share Index (ASI) fell 163.66 points to 52,348.82 points from 52,512.48 points, as the market capitalization shrank by N89 billion to N28.513 trillion from N28. 602 billion.
Investor sentiment was weak yesterday as the market breadth ended in the negative, with 23 losers and 20 gainers.
Chellerams down 9.70% to N1.21, Prestige Assurance down 8.70% trading at 42 Kobo, Livestock Feeds down 7.69% to N1.20, Mutual Benefits down 6.25% to 30 Kobo and Honeywell Flour was down 6.22 per cent to N2.26.
However, Presco share price rose 9.67% to N150.80, Coronation Insurance expanded 9.52% to 46 Kobo, FTN Cocoa gained 7.14% to sell to 30 Kobo, ABC Transport was up 6.90 percent on 31 Kobo, as RT Briscoe was also up 6.90 percent on 31 Kobo.