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Bulls maintain position as local bourse appreciates by N19 billion

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1650399304 599 Bull

The NGX closed on a positive note amidst sell-offs and buy-interests as the benchmark All-Share Index (ASI) appreciated by 7 basis point.

The NGX ASI closed at 47,545.86 points, to reflect a growth of 0.07% from the previous trading day and a Year-to-Date (YTD) return of 11.31%. Meanwhile, the market capitalization grew by N19.13 billion.

At the close of market on Tuesday 19th April 2022, the stock exchange market value currently stands at N25.63 trillion at the end of the trading day.

The market breadth closed positive as MEYER led 21 gainers, and 31 losers topped by ACADEMY at the end of today’s session.

The stock market has advanced 4,829.42 base points since the start of the year.

NGX Top ASI gainers

  • MEYER up +10.00% to close at N1.76
  • GUINNESS up +6.86% to close at N74.80
  • NPFMCRFBNK up +6.80% to close at N2.20
  • CADBURY up +5.00% to close at N8.40
  • UNILEVER up +4.51% to close at N12.75

NGX Top ASI losers

  • ACADEMY down – 9.72% to close at N1.30
  • JOHNHOLT down – 9.30% to close at N0.78
  • JAPAUL down – 9.09% to close at N0.30
  • NEIMETH down – 8.23% to close at N1.45
  • PHARMDEKO down – 7.51% to close at N1.60

NGX ASI Top Traded by Volume

  • FIDELITY – 33,757,853
  • ACCESS – 23,960,306
  • MTNN – 22,152,138

NGX ASI Top Traded by Value

  • MTNN – N4,718,513,327.20
  • ZENITHBANK – N323,151,803.00
  • ACCESS – N247,074,360.65

Market sentiments trend towards the bulls with the market differential being in favour of the decliners as 21 gainers were surpassed by 31 losers.

... Bulls maintain position as local bourse appreciates by N19 billion Read More on ... Naijaonpoint.

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Section 84(12): Supreme Court to hear Buhari’s suit against NASS on May 26

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Buhari and Senate

The Supreme Court has fixed May 26, to hear a suit filed by President Muhammadu Buhari and the Attorney General of the Federation, Abubakar Malami, over Section 84(12) of the Electoral Act.

President Buhari and Malami had dragged the National Assembly to the Supreme Court over Section 84(12) of the Electoral Act.

They instituted the suit on April 29 seeking to void the provision of Section 84(12) of the electoral act 2022. The president and AGF are contending that Section 84(12) of the Electoral Act 2022 is in conflict with provisions of the constitution.

Section 84(12) of the Electoral Act provides that, “No political appointee at any level shall be a voting delegate or be voted for at the convention or congress of any political party for the purpose of the nomination of candidates for any election.”

Back story

  • The president and AGF are contending that Section 84(12) of the Electoral (Amendment) Act, 2022 is inconsistent with the provisions of sections 42, 65, 66, 106, 107, 131, 137, 147, 151, 177, 182, 192 and 196 of the constitution as well Article 2 of the African Charter on Human and Peoples Rights.
  • In a counter-affidavit filed by NASS, it argued that laws made by lawmakers while exercising their legislative powers cannot be amended by invoking the Supreme Court as the constitution empowers NASS to make laws in Nigeria.
  • They, therefore, urged the apex court to strike out the suit instituted by President Buhari and AGF.
  • The President and AGF sought among other reliefs, “A declaration that the joint and combined reading of Sections 65, 66, 106, 107, 131, 137, 147, 151, 177, 182, 192 and 196 of the Constitution of the Federal Republic of Nigeria, 1999, (as amended); the provision of Section 84 (12) of the Electoral Act, 2022, which also ignores Section 84(3) of the same Act, is an additional qualifying and/or disqualifying factors for the National Assembly, House of Assembly, Gubernatorial and Presidential elections as enshrined in the said constitution, hence unconstitutional, unlawful, null and void.”
  • They argued that the 1999 constitution has provisions for qualification and disqualification for political offices.

What happened in court

At today’s hearing, the Rivers State Attorney-General and Rivers State Speaker sought to be joined as parties in the suit.

Lateef Fagbemi, counsel to the president and AGF agreed that Rivers State be joined as parties in the suit.

Justice Muhammad Dattijo granted the application that Rivers State be joined as interested parties in the suit.

He then adjourned the matter for May 26.

... Section 84(12): Supreme Court to hear Buhari’s suit against NASS on May 26 Read More on ... Naijaonpoint.

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Seplat Will Continue to Expand Under Guidance of Omiyi, Okeahalam—CEO

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Basil Omiyi Adoption of Clean Energy

By Aduragbemi Omiyale The chief executive officer of Seplat Energy Plc, Mr Roger Brown, has expressed his desire to work with the company’s new Independent Non-Executive Chairman, Mr Basil Omiyi, and the new Senior Independent Non-Executive Director, Mr Charles Okeahalam. The appointment of Mr Omiyi followed the stepping down of the founders of Seplat Energy […]

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