Nigeria Stock Market Unaffected Despite NLC Strike

The Nigerian Stock Exchange (NSE) market continues to appreciate despite the strike action declared by a faction of the Nigeria Labour Congress (NLC) to protest last week’s removal of fuel subsidy and hike in fuel price.

The strike, which commenced nationwide following the breakdown in negotiations with government over labour’s demands for a reversal of the new fuel price of N145 per litre and electricity tariff, hardly impacted the market index, appreciating by about 0.41 per cent.

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The NSE All-Share Index, ASI rose by over 108.35 points, or 0.41 per cent, to close at 26,763.83, compared with 26,655.48 recorded on Tuesday.

Floor of the Nigerian Stock Exchange Market
Floor of the Nigerian Stock Exchange Market

Also, the market capitalisation rose by N20 billion to close at N9.192 trillion, compared with N9.172 trillion posted on Tuesday.

Managing Director, APT Securities and Funds Ltd., Garba Kurfi, said for the first time in history, the market recorded positive growth during a nationwide strike.

Mr. Kurfi said the strike failed on its first day, as most Nigerians were not in support, since they had been buying fuel at a higher price against the official retail price of N86.50 per litre.

He stated that people were in support of the price adjustment, because it would bring about competition and availability of the product, adding that most Nigerians were in support of the present administration because of its fight against corruption.

A review of the price movement chart revealed that Nigerian Breweries led the gainers’ table, increasing by N2.48 to close at N127.50 per share.

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Daniel Enisan is a content writer at edliner.com. With a degree in mass communication, Daniel is a full breed journalist. Daniel is a realist, loves the use of sarcasm, a movie and music junkie. He is also a poet and a good listener.

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