Nigerian stocks jump 5.5% in week after Emefiele’s exit

Nigerian stocks ended this week with a 5.49 percent increase in the main index as investors reacted to the suspension of Godwin Emefiele as the governor of the Central Bank of Nigeria.

Emefiele was suspended by President Bola Tinubu last week following an “ongoing investigation of his office and the planned reforms in the financial sector of the economy”.

The All-Share Index of the Nigerian Exchange Limited and market capitalisation appreciated by 5.49 percent to close the week at 59,000.96 and N32.126 trillion respectively.

All other indices finished higher with the exception of NGX Industrial Goods and NGX Growth which depreciated by 1.63 percent and 1.07 percent respectively while the NGX ASeM index closed flat.

A total turnover of 4.276 billion shares worth N62.176 billion in 44,344 deals was traded this week by investors, compared to 2.196 billion shares valued at N45.971 billion that exchanged hands last week in 31,655 deals.

The financial services industry led the activity chart with 3.303 billion shares valued at N45.244 billion traded in 23,490 deals, contributing 77.26 percent and 72.77 percent to the total equity turnover volume and value respectively.

The oil and gas industry followed with 247.383 million shares worth N2.368 billion in 3,561 deals, while the third place was occupied by the consumer goods industry, with a turnover of 223.315 million shares worth N4.640 billion in 5,982 deals.

Trading in the top three equities, namely United Bank for Africa Plc, Guaranty Trust Holding Company Plc and Access Holdings Plc, accounted for 1.475 billion shares worth N27.648 billion in 8,875 deals, contributing 34.50 percent and 44.47 percent to the total equity turnover volume and value respectively.