Presidential Election: Stock Market Loses N85b As Inec Announces Result

The Nigeria Stock Exchange in Lagos

The Nigerian Stock market on Tuesday lost N85 billion in six hours of trading due to the result of the presidential poll.

Concise News understands that the market capitalisation of listed equities opened at N12.194 trillion but shed N85 billion or 0.69 per cent to close at N12.109 trillion.

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

Speaking on the development, Chief Operating Officer (CEO) of InvestData Ltd, Ambrose Omordion said the market pullback was due to profit taking by some smart investors.

According to him, some investors who entered the market in readiness that the opposition economic policy and reforms would support market growth were taking profit ahead of earnings season.

“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,” he told Premium Times.

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