Election postponement drags stock market All-share index by 1.6%
After eight days of bargain hunting activities, the bears upstaged the bulls yesterday on the trading floor of the Nigerian Stock Exchange, as investors reacted to the postponement of the Saturday general elections.
Specifically, the All Share Index (ASI) shed 525.13 absolute points, representing a dip of 1.61 percent to close at 32,190.07 points. Similarly, market capitalization lost N196 billion at N12.004 trillion.
The downturn was impacted by losses recorded in medium and large capitalized stocks, amongst which are; Total Nigeria, Mobil Nigeria, Nigerian Breweries, Guaranty Trust Bank and Cement Company of Northern Nigeria (CCNN)
Analysts at Afrinvest Limited stated: “We anticipate the bearish run to be sustained this week due to pre-election jitters caused by the uncertainties surrounding the elections.”
Similarly, analysts at APT Securities and Funds Limited said: “A day or two down days is expected to moderate the gains so far. However, we are optimistic that the positive trend will likely continue as it’s being perceived that new economic reforms will have an ample effect on the stock market.”
Market breadth closed negative with 12 gainers against 37 losers. Presco recorded the highest price gain of 10 percent to close at N72.60, per share. Beta Glass followed with 9.27 percent to close at N79, while Chemical and Allied Products (CAP) rose by 6.92 percent to close at N34, per share.
AG Leventis Nigeria appreciated 6.90 percent to close at 31 kobos, while Vitafoam Nigeria rose 5.82 percent to close at N4 per share.
On the other hand, Transnational Corporation of Nigeria (Transcorp) led the losers’ chart with 9.94 percent to close at N1.54, per share.
CI Leasing followed with a decline of 9.82 percent to close at N6.61, while Livestock Feeds fell 9.72 percent to close at 65 kobo, per share.
Wema Bank declined by 9.71 percent to close at 93 kobo, while Nigerian Breweries dropped 9.64 percent to close at N75 per share.
The total volume of trade declined by 71.2 percent to 233.42 million units, valued at N3.36 billion and exchanged in 4,134 deals. Access Bank traded with 25.32 million shares valued at N160.16 million.
Chams followed with 21.7 million shares worth N.34 million, while United Bank for Africa (UBA) traded 20.45 million shares valued at N157.19 million.
Zenith Bank traded 15.68 million shares valued at N375.32 million, while Guaranty Trust Bank transacted 13.86 million shares worth N519.12 million.