Market indices of the Nigerian Stock Exchange (NSE) rose by 0.62 per cent in spite Federal Government suspension of the Director-General of the Securities and Exchange Commission (SEC), Mr Mounir Gwarzo.
The News Agency of Nigeria (NAN) reports on Thursday in Lagos that the All-Share Index grew by 235.40 points or 0.62 per cent to close at 37,944.60.
This was against 37,709.20 recorded on Wednesday.
Similarly, the market capitalisation inched N82 billion or 0.62 per cent to close at N13.214 trillion compared to N13.132 trillion posted on Wednesday.
Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., said that the suspension would not affect investors’ confidence, but government’s decision and action after the investigation would determine investors’ next line of action.
Omordion said that it would be a big slap to the apex capital regulator if the allegations were proven to be true.
NAN reports that Mrs Kemi Adeosun, Finance Minister had on Nov. 29 suspended Gwarzo and set up an administrative panel of inquiry to investigate allegations of financial impropriety against him.
The minister said that Gwarzo was suspended from office to allow for an unhindered investigation of several allegations of financial impropriety leveled against him.
The minister also suspended two other senior staff of the commission, Abdulsalam Habu, the Head of Media Division and Anastasia Omozele Braimoh, Head of Legal Department.
An analysis of the price movement chart showed that Total recorded the highest gain to lead the gainers’ table, increasing by N11 to close at N241 per share.
7UP trailed with a gain of N4.62 to close at N97.12, while Dangote Cement garnered N4 to close at 245 per share.
Forte Oil also increased by N4 to close at N45.99, while International Breweries grew by N2.10 to close at N60 per share.
Conversely, Nigerian Breweries led the losers’ table dropping by N5.40 to close at N132.50 per share.
Guinness followed with a loss of N1.07 to close at N97.51, while Flour Mills dipped 50k to close at N33.50 per share.
ETI shed 28k to close at N16.70, while PZ decreased by 22k to close at N22.03 per share.
Also, the volume of shares traded was upbeat as investors bought and sold 11.77 billion shares valued at N21.34 billion exchanged in 5,752 deals.
This was in contrast with a total of 441.81 million shares worth N4.09 billion traded in 4,263 deals on Wednesday.
Transcorp was the toast of investors, accounting for 11.32 billion shares worth N14.28 billion.
Fidelity Bank followed with an exchange of 117.19 million shares valued at N246.11 million, while FBN Holdings sold 53.57 million shares worth N380.58 million.
Zenith Bank sold 39.67 million shares valued at N990.69 million, while FCMB Group traded 32.21 million shares worth N37.02 million.