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Presidential Election Result: Nigeria stock market loses N85bn in six hours

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Nigerian Stock Exchange Trading floor [Photo: blogs.cfr.org]

Nigerian Stock Exchange (NSE) Trading floor [Photo: blogs.cfr.org]
The market capitalisation of listed equities on Tuesday shed N85 billion in six hours of trading to what traders attributed to profit taking as a result of the presidential poll.
Specifically, the market capitalisation, which opened at N12.194 trillion, shed N85 billion or 0.69 per cent to close at N12.109 trillion.
Also, the All-Share Index lost 226.30 points or 0.69 per cent to close at 32,473.82, compared with 32,700.12 recorded on Monday.
Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., attributed the market pullback to profit taking embarked by some smart investors.
Mr Omordion said the smart money that pushed the market up with expectations that the opposition would win the presidential election were leaving the market.
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He said some investors who entered the market in anticipation that the opposition economic policy and reforms would support market growth were taking profit ahead of earnings season.
“This pullback may not last as a result of 2019 dividend declaration season as dividend yield of financial service stocks are high and attractive due to low prices,” Mr Omordion stated.
Nestle dominated the losers’ chart, dropping by N70 to close at N1,510 per share.
Union Bank of Nigeria trailed with a loss of 60k to close at N6.65, while FBN Holdings was down by 30k to close at N8 per share.
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Conversely, Guinness led the gainers’ table during the day, gaining N2.05 to close at N67.15 per share.
Dangote Flour followed with a gain of N1 to close at N12.05, while Oando gained 65k to close at N7.25 per share.
Air Services added 60k to close at N7.05, while Africa Prudential increased by 44k to close at N4.84 per share.
A breakdown of the activity chart indicates that the volume of shares traded rose by 46.57 per cent with an exchange of 322.18 million shares worth N2.43 billion in 4,066 deals.

This was against 219.81 million shares valued at N5.55 billion transacted in 2,999 deals on Monday.
Sunu Assurances recorded the highest volume of activity, trading 50.81 million shares worth N10.16 million.
Access Bank traded 32.30 million shares valued at N203.09 million, while Diamond Bank sold 28.60 million shares worth N70.10 million.
United Bank for Africa accounted for 19.02 million shares valued at N153.66 million, while Guaranty Trust Bank sold 17.77 million shares worth N677.66 million.
(NAN)

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Mr Eazi proposes to Temi Otedola!

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For what seemed like a long while, celebrity power couple—Mr Eazi and Temi Otedola—are finally engaged as Oluwatosin Ajibade better known as Mr Eazi pops the heartwarming “Will you be my wife?” question to his girlfriend of 2 years Temiloluwa Otedola and she responded favourably in the affirmative “Yes” tone.

Fashion mogul and Icon Temi Otedola began dating artiste and music label CEO Mr Eazi in the year 2020 and have been living together ever since in their London apartment, sharing intimate moments, even meeting respective family members. This they’ve both shared in detail on their How Far? With Mr Eazi And Temi Otedola podcast.

Temi announced her engagement by posting the sea-side proposal of Mr Eazi on one knee asking the important question. The video goes by the simple caption of the infinity logo connoting they’re both locked in for life.

Congratulations to Temi Otedola and Mr Eazi!

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Nicki Minaj agrees “Essence” should be song of the year at the Grammys

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American superstar rapper, Nicki Minaj, shares the same sentiments as myriads of Wizkid fans and well-wishers worldwide, in that she concurs to the argument the trendsetting crossover record-breaking single from Wizkid’s 2020 released “Made In Lagos” album, Essence should be in the conversation for the coveted “Record of the Year” plaque at this year’s Grammy Awards.

Although “Essence” did not receive the much desired nomination in the category for “Record of the Year” at the 2022 Grammy Awards, it did get a nod for Best Global Music Performance, the first of its kind.

Irrespective of the snub, Nicki whilie on Joe Budden TV (YouTube) as a guest on the special episode tagged A Conversation With Nicki Minaj & Joe Budden agreed with the host (Joe Budden) when he said “We need people on the Grammy board that know that “Essence” was song of the year” with an exclamatory “Right! Right!” response. She even proffered, “We should have our own Grammy Board“, in support of many and the popular believe that Black Americans or black artistes in general are always stereotyped to a particular category at the award show, if indeed they made it to the top categories, they barely win; Nicki Minaj does not have a Grammy Award herself and that is still a shock to many, especially when considering her refined catalogue of music.

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Pheelz & Buju (BNXN) live the carefree lifestyle on “Finesse”

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After much teasing, the anticipated Finesse by Pheelz and Buju (now BNXN) hit DSPs across the globe and just like the teaser gave off, Finesse is a banger! It is produced by young producer under Pheelz’s wing known as Miichkel.

On Finesse, Pheelz and Buju live their life to the fullest, the carefree lifestyle is what they desire and they are determined to stay on that track for the time being. “I’ve been living the fast life but I see it in slow mo / And you see my lifestyle, I got Gs in the turbo / . . . / Bad girl sey she want Netflix & Chill / So I ja ticket give her warning / If you fall in love, girls it’s certain / You go chop breakfast, I’m not capping“, Pheelz explains on the first verse, even saying love and relationship cannot stop him from living the ‘ballers’ lifestyle; “I’d be dammed if there’s anybody that could be like me / I be like Mo’ Salah, coming up the right wing / I cut through your defender, you no need to tell me / I must finesse / And you know sey me I must net“, Buju braggingly adds on the second verse, saying he can score any chick that catches his eye and dish her the next minute.

listen to the popular joyous chorus “Ah finesse / If I broke na my business / Ama shana e go bright o / Folake for the nighr ohere or on Apple Music.:

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