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.