The recent rally seen on the trading floor of the Nigerian Stock Exchange is a Seasonal thing that always comes at the end of the Financial Rally.
Stockbroker and Investment Banker, Tajudeen Olayinka, disclosed this while speaking on the trading activities on the Nigerian Stock Exchange with Kelly Egiga on the Business Nigeria programme on TVC News on Friday afternoon.
He added that the market is always this between early and Mid January which is majorly for stock taking with investors positioning themselves for what will be profitable in the long run.
He said investors also make a lot of investment to position themselves to partake in the dividends that will be distributed between March and April when dividends are being handed out.
He disclosed that because most stocks are still below their year high level, investors are able to put in money and buy them off at a lower level.
He predicted that more of the rally seen in the Stock market will become commonplace in the next few days.
He added that by the middle of the month and probably towards the end of the month, the rally will continue and Start coming back to normal from February through to March.
COURT DISMISSES PDP’S SUIT SEEKING DISQUALIFICATION OF TINUBU, SHETTIMA
OC:
Justice Inyang Ekwo of the Federal High Court, Abuja, has dismissed a suit by the Peoples Democratic Party, seeking the disqualification of Bola Tinubu and his vice, Kassim Shettima, from the 2023 general elections.
Delivering judgment, Justice Ekwo, dismissed the suit on the ground that the PDP lacked locus standi to institute the suit.
Justice Inyang Ekwo held that the case was caught by the principle of issue estoppel, and described the suit as an abuse of the court process.
In its Originating Summons, the PDP challenged the validity of Bola Tinubu to contest for the 2023 presidential election as APC candidate on the ground that Mr Shettima’s nomination as his running mate was in breach of the provisions of the Electoral Act, 2022.
The PDP argued that Mr Shettima’s nomination to contest the position of vice president and Borno Central Senatorial seat contravened the law.
The PDP, which sought an order disqualifying the APC, Tinubu and Shettima from contesting the presidential election scheduled for Feb. 25, also sought an order nullifying their candidacy.
It further sought an order compelling INEC to remove their names from its list of nominated or sponsored candidates eligible to contest the poll.
But the defendants, in their preliminary objection, urged the court to dismiss the suit for want of jurisdiction.
They argued that the PDP lacked the locus standi (legal right) to file the case, which invariably was challenging the political party’s decision and its nomination of candidates for the polls.
They further submitted that such an act was an internal affair of APC which they argued was non-justiciable.
Justice Ekwo agreed with the defendants that the PDP had no locus standi to file the matter.
According to him, where there is no locus, the court has no jurisdiction.
