Election Result: Nigerian Stock Market Loses N85 Billion In 6 Hours

Written by ParaBOLA
The market capitalisation of listed equities on Tuesday shed N85 billion in six hours of trading to what traders attributed to profit taking as a result of the presidential poll

Specifically, the market capitalisation, which opened at N12.194 trillion, shed N85 billion or 0.69 per cent to close at N12.109 trillion.

Also, the All-Share Index lost 226.30 points or 0.69 per cent to close at 32,473.82, compared with 32,700.12 recorded on Monday.

PAY ATTENTION!   Lagos State Governor Sanwo-Olu Swear-in Commissioners, Special Advisers on Tuesday

Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., attributed the market pullback to profit taking embarked by some smart investors.

--- ARTICLE CONTINUES AFTER THE CUT ---

Mr Omordion said the smart money that pushed the market up with expectations that the opposition would win the presidential election were leaving the market.

He said some investors who entered the market in anticipation that the opposition economic policy and reforms would support market growth were taking profit ahead of earnings season.

PAY ATTENTION!   Defiant IPOB says no regret attacking Ekweremadu in Germany

“This pullback may not last as a result of 2019 dividend declaration season as dividend yield of financial service stocks are high and attractive due to low prices,” Mr Omordion stated.

Nestle dominated the losers’ chart, dropping by N70 to close at N1,510 per share.

Do you want to be the first to get these news,updates and vital info?

Name *

Email *

Loading...
PAY ATTENTION!   Ogun State Governor, Abiodun speaks on Ogun’s Public Private Partnership

About the author

ParaBOLA

I am gentle and fun to be with. I am in love with giving out information to large audience.

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.