Investors shed $50 million on the Nigerian stock market ahead of elections

Analysts expect to see sustained profit taking in the last two sessions before the elections.
Workers try to adjust the new standard gauge railway line under construction from Iju in Lagos to Abeokuta, Ogun State in southwest Nigeria, on February 7, 2019. – The passenger train service which is designed to boost economic activites and ease movement of passengers by rail from Lagos to Abeokuta when fully operational will reduce damage on roads caused by heavy duty trucks and traffic congestion especially in Lagos, Nigeria’s economic nerve centre. (Photo by PIUS UTOMI EKPEI / AFP)

Investors on the equity market lost N18.05 billion (about $50 million) as bellwethers dragged the Nigerian Stock Exchange down to closed on a negative note on Wednesday.

The NSE All-Share Index dropped 0.15% to close at 32,413.92 basis points as against a 2.14% appreciation recorded on Tuesday.

Africa’s populous nation Year-to-Date (YTD) returns currently stands bullish at 3.13% while market capitalisation declined by N18.05 billion to N12.1 trillion as the 2019 general elections near.

Furthermore, on overall performance, activity level declined as volume and value traded fell 19.0% and 47.2% to N4.2 billion and N470.3 million respectively.

Some investors still have fears over the outcome of the2019 presidential elections scheduled for Saturday, February 16, 2019. Profit takers also contributed to the performance of the stocks, according to analysts who expect to see sustained profit taking in previous advancers in the last two sessions before the elections.

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