Stock market lose N86 billion more as Buhari is re-elected

Stock market lose N86 billion more as Buhari is re-electedFollowing the final declaration of the presidential election results, the Nigerian Stock Exchange (NSE) market capitalisation yesterday, lost additional N86 billion, to close at N12.024 trillion.

The market sustained the sliding profile, as the All-share index (ASI) declined by 0.71 per cent, which also fell by 229.58 absolute points, representing a dip of 0.71 per cent, to close at 32,244.24 points.

The negative performance was driven by profit-taking in Nestle Nigeria, Unilever Nigeria, Zenith Bank, Oando, and Dangote Sugar Refinery.

Analysts at Afrinvest Limited, said: “Following the conclusion of the 2019 Presidential elections, we advise investors to take position in fundamentally good stocks trading at cheap prices as we expect improved earnings to buoy performance in the near term.”

Market breadth closed negative, with 10 gainers versus 30 losers. Neimeth International Pharmaceuticals recorded the highest price gain of 9.84 per cent, to close at 67 kobo per share.

PZ Industries followed with a gain of 9.35 per cent to close at N13.45, while NPF Microfinance Bank gained 8.72 per cent to close at N1.62 per cent.

John Holt appreciated by 8.33 per cent to close at 52 kobo, while Jaiz Bank rose 4.92 per cent to close at 64 kobo per share.

On the other hand, Union Diagnostic & Clinical Services led the losers’ chart by 9.68 per cent, to close at 28 kobo per share. Oando shed 9.66 per cent to close at N6.55 per share.

Wema Bank depreciated by 8.24 per cent to close at 78 kobo per share.
Veritas Kapital Assurance declined by eight per cent to close at 23 kobo and Eterna shed 7.37 per cent to close at N4.40 per share.

However, the total volume traded appreciated by 41.56 per cent to 456.07 million shares, worth N2.68 billion, and traded in 5,416 deals. Transactions in the shares of Diamond Bank topped the activity chart with 187.43 million shares valued at N466.65 million.

Fidelity Bank followed with 45.1 million shares worth N108.18 million, while Access Bank traded 33.05 million shares valued at N204.7 million.

Jaiz Bank traded 23.51 million shares valued at N32.05 million, while United Bank for Africa (UBA) transacted 20.89 million shares worth N166.44 million.

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