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Nigerian Stock Fall as Buhari seeks re-election

The Nigerian Stock exchange experienced a 1.01% fall in its market at the end of yesterday. This fall was largely attributed by the early announcement of the incumbent president of Nigeria to run for a second term in office.

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The Nigerian Stock exchange experienced a 1.01% fall in its market at the end of yesterday. This fall was largely attributed by the early announcement of the incumbent president of Nigeria to run for a second term in office.

The President of Nigeria, General Muhammadu Buhari had cast a shadow of a doubt over his aspirations after the end of this tenure. The three years of his administration had been plagued by violence, inflation, unemployment and several strike actions. The health of the president has also been called into question more than once especially after he spent more than one hundred days in London receiving treatment.

The declaration was received with mixed feelings by the investors and stakeholders of the Nigerian Stock Exchange and by the time market activities were brought to an end on Monday, the Nigerian Stock Exchange (NSE) depreciated by 1.01 percent, shrinking the year-to-date returns to 5.72 percent. The All-Share Index (ASI) went down by 411.96 points to settle at 40,429.18 points, while the market capitalisation reduced by N149.7 billion to close at N14.604 trillion.

At the end of the day, the market recorded 31 price losers and 17 price gainers, leaving the market breadth to close negative. Unilever was the biggest price loser at the stock market today, going down by N4.80k to settle at N55 per share. It was followed by Lafarge, which lost N3.20k of its share value to finish at N41 per share, and Dangote Cement, which fell by N2.90k to close at N252 per share. Guinness Nigeria went down by N1 to end at N103 per share, while Dangote Flour decreased by 65k to settle at N13.15k per share.

Business Post also reported that the total volume transactions recorded yesterday decreased by 42.82% while the value went down by 15.37 percent.