The rejection of the yet-to-be announced results of last Saturday’s presidential election by the Peoples Democratic Party (PDP) weigh on the Nigerian Stock Exchange (NSE) on Tuesday.
The market capitalisation of listed equities on the exchange 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.
Ambrose Omordion, chief operating officer, InvestData Ltd., attributed the market pullback to profit taking embarked by some smart investors.
Though the Independent National Electoral Commission (INEC) is yet to officially announce the eventual winner of the election, results trickling in suggest that the coast is getting clear for the re-election of President Muhammadu Buhari of the ruling All Progressives Congress (APC).
At the close business, Nestle Nigeria, which topped the losers’ chart, went down by N70 to settle at N1510 per share.
It was followed by Union Bank, which lost 60 kobo to finish at N6.65k per share, and FBN Holdings, which declined by 30 kobo to close at N8 per share.
Zenith Bank depreciated by 20 kobo to end at N25.80k per share, while GlaxoSmithKline reduced in value by 20 kobo to settle at N11.80k per share.