Election Results: Investors further remove N196billion from NSE
Investors have continued to react negatively to the election outcomes as transactions at the Nigerian Stock Exchange (NSE) end with the market capitalisation losing N196 billion to close below N12 trillion mark the second day after the announcement.
The market capitalisation lost N196 billion or 1.63 per cent to close at N11.828 trillion relative to N12.024 trillion achieved on Wednesday.
Similarly, the All Share Index lost 525.54 points to close at 31,728.70 when compared with 32,244.24 recorded on Wednesday.
Delay in budget passage and the backlash from the presidential elections, and the expiration of the tenure of Central Bank of Nigeria (CBN) governor by June were some of the reasons for the negative outcomes, according to experts.
Nigerian Breweries trailed with a loss of N3.70 to close at N79.50, while Guaranty Trust Bank declined by N2.60 to close at N35.35 per share.
Stanbic IBTC depreciated by N2.05 to close at N46.25, while Dangote Flour Nigeria was down by N1.05 to close at N10.90 per share.
On the other hand, Dangote Cement having declared N16 dividend for 2018 financial year led the gainers’ table with N3.80 to close at N195.30 per share.
GlaxoSmithKline followed with a gain of 35k to close at N12, while UAC Property gained 9k to close at N1.91 per share.
Union Bank of Nigeria added 5k to close at N7, while Live Stock also increased by 5k to close at 60k per share.