Fears that the heightening political uncertainties may trigger a pull back in the equity market to halt the bullish run witnessed in the past few days became a reality yesterday, as investors lost N31 billion.
Analysts had predicted that the move by government to suspend the Chief Justice of Nigeria (CJN), Walter Onnoghen, about three weeks to the Presidential poll would ultimately have a negative impact on investors’ confidence in the market this week.
Specifically, after three consecutive sessions of bargain-hunting, the All-share index Monday, declined by 82.39 absolute points, representing a decrease of 0.26 per cent, to close at 31,344.24 points. Similarly, market capitalisation lost N31 billion to close at N11.688 trillion.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Seplat Petroleum Development Company, Berger Paints, United Bank for Africa (UBA), Dangote Flour, and Glaxo Smithkline Consumer Nigeria.
The Guardian, January 29, 2019
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