The strike declared by organised labour has reversed some of the gains made in May by stock market investors as the Nigerian Exchange Ltd (NGX) All-Share -Index (ASI) fell by 0.18 per cent on the first market day of June.
ASI fell to 99118.86 points from the 99,300.38 which it was on the last market day of May 2024.
Market capitalization dropped by 0.18 per cent to close at N56.07tn as investor’s wealth declined by N102.55bn.
On Monday, the volume and value of shares traded decreased by 19.45 per cent and 38.92 per cent to 349.59 million units and N5.24bn respectively.
Top losers were E-Tranzact International Plc which saw shares price dropping by 9.82 per cent of its value, Unity Bank Plc with a decrease of 9.80 per cent, Jaiz Bank Plc losing 9.65 per cent of its shares and MCnichols Plc which lost 9.09 per cent of its share value.
Banking stocks went south as Access Corporation lost 0.05 per cent of share price, First Bank Holdings lost 1.1 per cent shares and Unity Bank Plc lost 0.15 per cent of share price.
The bearish performance came on the background of labour strikes in Nigeria which crippled economic activities across all sectors.
NewsNGR reported that banks, schools, hospitals, airports and government offices were shut on the orders of the Nigerian Labour Congress and the Trade Union Congress over a wage increase dispute with the Nigerian government.
Organised labour is demanding N494,000 minimum wage and embarked on an indefinite nationwide strike on June 3, 2024 but the federal government is offering a N60,000 wage.
But after deliberations on Monday night, June 3, 2024, the federal government has agreed to increase the N60,000. However, no amount was mentioned on the negotiation table between the government, private employers and organised labour.