NIGERIA: NSE Loses $233.12 Million In 6 Hours Following The Re-election Of The President

Following the announcement of the results of the Nigerian Presidential elections with the results of the polls indicating incumbent President Muhammadu Buhari’s early leads in the polls, the Nigerian Stock Exchange on its trading floor has lost the sum of $233.12 million in six hours.

The stock market downslide was attributed to profit taking as a result of the ongoing presidential poll in the country, experts attributed the market drawback to some smart investors who decided to take their profit, considering the political climate of the country.

The Nigerian stocks market dip by 0.69% to close at 32,473.82 basis points.

The reported depreciation in the stock exchange which was recorded in 6 hours has successfully wiped the gains recorded on Monday and one-week low.

According to news reports, the market capitalisation, which opened at N12.194 trillion, shed N85 billion or 0.69 per cent to close at N12.109 trillion.

This bearish run at the stock market is described as the result of President Muhammadu Buhari of the All Progressive Congress early lead over his main opponent, billionaire businessman Atiku Abubakar of the People’s Democratic Party.

Market Analysts expects market direction to be largely determined by the outcome of the election this week.

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