Nigerian stock market loses $233.12 million in one day as investors await presidential election outcome

The NSE drops to one-week low as investors await the results of the 2019 presidential elections in Africa's biggest economy.

Nigeria stock market used to illustrate this story
  • Investors lose $233.12 million as incumbent Muhammadu Buhari records early lead in presidential election results.
  • Nigerian stocks market dip by 0.69% to close at 32,473.82 basis points.
  • Analysts expect market direction to be largely determined by the outcome of the election this week.

Investors lost $233.12 million (N84.3 billion) on Tuesday as the Nigerian stocks market dipped by 0.69% to close at 32,473.82 basis points.

The depreciation wiped gains recorded on Monday and one-week low as investors await the results of the 2019 presidential elections in Africa's biggest economy.

The stock market analysis shows that market year-to-date (YTD) returns currently stands at 3.32% while market breadth closed positive as Africa Prudential Plc led 21 gainers as against 20 decliners topped by NPF Microfinance Bank at the end of today's trading.

The bearish run at the stock market is coming as President Muhammadu Buhari recorded an early lead over his main opponent, billionaire businessman Atiku Abubakar.

On Monday, analysts at Afrinvest Securities Limited observed cautious trading session as the Independent National Electoral Commission (INEC) gathered in Abuja to announce official results.

They expect market direction to be largely determined by the outcome of the election this week.

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