The sports category has moved to a new website.

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.

ADVERTISEMENT

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.

ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: news@pulselive.co.ke

Recommended articles

African countries with the highest divorce rate

African countries with the highest divorce rate

10 African cities with the highest crime index at the start of 2024

10 African cities with the highest crime index at the start of 2024

Machoka at 70: Emotions run high during Citizen TV presenter's birthday [Video]

Machoka at 70: Emotions run high during Citizen TV presenter's birthday [Video]

Diwali 2022: Is Monday a public holiday in Kenya?

Diwali 2022: Is Monday a public holiday in Kenya?

Akothee finally reveals reasons for separating from Omosh 1 month after wedding

Akothee finally reveals reasons for separating from Omosh 1 month after wedding

Man, once a ‘billionaire’, recounts how he lost wealth, now sells his book on streets [Video]

Man, once a ‘billionaire’, recounts how he lost wealth, now sells his book on streets [Video]

Details of Ngina Kenyatta's luxurious restaurant

Details of Ngina Kenyatta's luxurious restaurant

Zero Chills! Jackie Matubia's advice for Milly Chebby amid the unfollow drama

Zero Chills! Jackie Matubia's advice for Milly Chebby amid the unfollow drama

Nigerian royal dignitaries, including four kings and a queen, expected to attend Museveni’s 50th wedding anniversary celebrations

Nigerian royal dignitaries, including four kings and a queen, expected to attend Museveni’s 50th wedding anniversary celebrations

ADVERTISEMENT