Stock market reacts to poll postponement, sheds N196bn

The nation’s capital market expectedly reacted negatively to the postponement of the 2019 general elections, as investors lost N196 billion at the end of trading on Monday.

As of 12:02pm on Monday, the stock market had fallen by 1.92 per cent, by 2:00pm it fell further by 2.53 per cent, but as of the close of the trading, the losses moderated to a 1.61 per cent decline.

Financial experts and capital market operators had predicted that the stock market would react negatively to the postponement of the elections on Sunday.

According to them, the decision would rattle investors, though it is not the first such would be happening in the country.

The All Share Index shed 525.13 basis points to close at 32,190.07 bps on Monday, while the market capitalisation of equities dropped from N12.2tn on Friday to N12.004tn on Monday.

233.424 million shares worth N3.363bn were traded in 4,134 deals.

Read also: Nigeria’s foreign reserve plunges to $42.8bn

The banking sector ended up the biggest loser, as it went down by 3.21 per cent, with the oil and gas sector following with a lose of 2.92 per cent.

The consumer goods sector lost 1.54 per cent, while the industrial and insurance sectors declined by 1.16 per cent and 1.13 per cent respectively on the back of sell-offs.

There were 12 gainers and 37 losers at the end of trading.

Transnational Corporation of Nigeria Plc emerged the major loser for the day, as it went down by 9.94 per cent.

Other losers were C & I Leasing Plc, Livestock Feeds Plc, Wema Bank Plc, and Nigerian Breweries Plc, whose respective share prices shed 9.82 per cent, 9.72 per cent, 9.71 per cent and 9.64 per cent.

Presco Plc, Beta Glass Plc, Cap Plc, AG Leventis Nigeria Plc and Vitafoam Nigeria Plc were the top gainers as they gained 10 per cent, 9.27 per cent, 6.92 per cent, 6.90 per cent and 5.82 per cent, respectively.

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