FRIDAY 15TH FEBRUARY 2019

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Investors Wave off Election Jitters as Stock Market Gains N712bn Goddy Egene Despite concerns of political risk, the stock market has continued to display resilience as investors recorded gain of N712 billion in seven days of trading. The market, which declined in 2018 due to negative investor

sentiment ahead of the general election and capital flow reversals, had ended January 2019 with a negative performance. However, renewed demand due to investors’ moves to take advantage of low prices led to a gain of N712 billion in seven

days. Specifically, the market capitalisation, which stood at N11.394 trillion at the end of January, rose to N12.106 trillion on Tuesday. This translated to a gain of 6.2 per cent. The market rally coming few days to the presidential elections, according to experts

indicates that investors have ignored the election 'noise' to take advantage of low prices to increase their stakes in the market. Nigerian stocks are significantly lowly priced after a bout of persistent decline that began in February

2018 and lasted to the end of January 2019. As at the end of January 2019, the Nigerian stock market main gauge, the Nigerian Stock Exchange (NSE) All-Share Index, was 2.7 per cent negative, showing that many stocks were trading below their year’s opening values.

But the South Africa market was 2.6 per cent positive, Kenya market 7.0 per cent positive and Ghana’s market was 2.6 per cent positive also. The gains posted in the first days of February may Continued on page 8

CBN Predicts Stability in FX as External Reserves Hit $43bn ... Page 10 Friday 15 February, 2019 Vol 24. No 8713. Price: N250

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Malami Denies Directing INEC to Postpone Zamfara Elections INEC confirms receipt of directive Adedayo Akinwale and Alex Enumah in Abuja The Attorney General of the Federation (AGF) and Minister of Justice, Mr. Abubakar Malami, SAN, has denied

media reports that he wrote a letter to the Independent National Electoral Commission (INEC), requesting INEC to postpone the general election in Zamfara State. But the electoral body

PDP, Agbakoba, Ozekhome, Falana kick

disclosed last night that it had received the letter written by Malami, demanding a postponement of elections in the state. Notwithstanding the denial, the Peoples Democratic Party

(PDP), yesterday rejected the directive by Malami to INEC to postpone elections in the state to enable the All Progressives Congress (APC) field candidates, saying the directive was not backed by

law. The attorney general also drew the ire of former president of the Nigerian Bar Association (NBA), Mr. Olisa Agbakoba (SAN), and a constitutional law expert,

Chief Mike Ozekhome (SAN), who also condemned the letter and advised INEC not to take orders from him. But Malami, in a statement Continued on page 10

As Nigeria Goes to Poll Tomorrow, Buhari Disowns Threats to Foreign Observers Says FG committed to safety of all Clinton apologises for cancelling visit PDP: Speech is subtle campaign of falsehood Omololu Ogunmade and Adedayo Akinwale in Abuja President Muhammadu Buhari yesterday in Abuja, dissociated his government from threats of death and intimidation against international observers from some individuals in the country, saying such acts did not represent the position of the federal government. Kaduna State Governor, Malam Nasir El-Rufai, had recently threatened that international observers who

dared to interfere in Nigeria's elections would return to their countries in body bags. In the same vein, the spokesman of the president's campaign organisation, Mr. Festus Keyamo, SAN, and presidential spokesman, Malam Garba Shehu, had persistently warned and threatened foreign countries not to intervene in the conduct of the elections. Such remarks had generated Continued on page 8

FOR THE POLL… Protect Your Votes, Sultan SET L-R: Independent National Electoral Commission’s National Commissioner, Dr. Muhammed Lecky; INEC Chairman, Prof. Mahmood Yakubu; former president of Malawi, Mr. R. Banda; and National Commissioner, Mrs. May Agbamuche-Mbu, during Tells Nigerians … Page 8 the visit of Banda and a team from Electoral Institute of South Africa to INEC Headquarters in Abuja…yesterday JULIUS ATOI


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FRIDAY 15TH FEBRUARY 2019 by THISDAY Newspapers Ltd - Issuu