Tag Archives: Buhari’s Victory

No Case Against Buhari’s Victory, Tribunal Concludes

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The Presidential Election Petition Tribunal is in the process of winding down its operations as no single case has been lodged against the victory of the President-elect, Muhammadu Buhari. The 21 days grace given to political parties and aspirants to file their petitions expired on April 22 .

Section 285 of the 1999 Constitution provides for petitions to be entered before the tribunal 21 days from the day the final result was declared by the Independent National Electoral Commission (INEC). The results of the presidential election was announced on March 31.

Read More: Vanguard

Stock Market Gets A Boost After Buhari’s Victory

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The Nigerian stock market recorded its biggest rise in a day on Wednesday as investors scrambled to buy stocks following the declaration of Gen. Muhammadu Buhari of the All Progressive Congress as the winner of the presidential election.

At the close of trading, the market capitalisation of the listed equities surged by N904bn or 8.4 per cent from N10.717tn on Tuesday to N11.621tn, with the Nigerian Stock Exchange All-Share Index also rising by 8.4 per cent or 2 635.32 basis points to close at 34 380.14 basis points.

It was the biggest gain recorded by any Exchange all over the world so far this year, the closest being a five per cent gain by Chinese stocks earlier in the year.

According to market operators and experts, the peaceful conduct of the presidential election and, particularly, the acceptance of the result by Jonathan, which has set the stage for a peaceful transition, are responsible for the record performance of the stock market as it has greatly boosted investor confidence.

Wednesday’s gains were spread across all the sectors with all of the five NSE sectoral indices surging as well.

Read More: Thisday