NSE: Nigerian stock exchange loses $540.6 million in one day after election delays

The Nigerian stock market (NSE) on Monday lost N195.8bn ($ 540.62 million), as the market capitalization fell to N12tn as a result of massive sell-offs caused by the postponement of elections last weekend.

The NSE All-Share Index (ASI) shed 1.6% to settle at 32,190.07 points due to losses in bellwether stocks.

Bellwether stocks such as Nigerian Breweries, GTBank, Zenith Bank were the major drag on the first day of the trading week.

The Banking and Oil & Gas indices led decliners shedding 3.2% and 2.9% respectively following profit taking in GTBank (-3.8%), Zenith Bank (-3.0%), Total (-7.3%) and Mobile (-7.6%).

The Consumer Goods index trailed, down 1.5% on the back of losses in Nigerian Breweries (-9.6%) and Dangote Sugar (-4.9%) while the Industrial Goods index fell by 1.2% following sell-offs in CCNN (-4.8%) and Dangote Cement (-0.4%). Wapic (-4.7%) and NEM (-2.0%) dragged the Insurance index 1.1% lower.

Top performers of the day

  • Presco (+10.0%)
  • Betaglas (+9.3%) 
  • Cap Plc (+6.9%) 

Top decliners of the day 

  • Transcorp (-9.9%)
  • CI leasing (-9.8%)
  • Livestock (-9.7%)

Analysts at Afrinvest Securities Limited predict negative run for the stock market this week due to pre-election jitters caused by the uncertainties surrounding the elections.

READ ALSO: NSE: Stocks reverse losses as investors earn N334bn

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