Nigerian stock market loses $540.6 million in one day after election delays

Nigerian stock market lost N195.8 billion ($540.62 million) on Monday as market capitalisation dipped to N12.0 trillion following a massive sell-offs triggered by the election postponement over the weekend.

The NSE All-Share Index (ASI) shed 1.6% to settle at 32,190.07 points due to losses in bellwether stocks.

Business Insider SSA by Pulse's analysis of the market shows that bellwether stocks such as Nigerian Breweries, GTBank, Zenith Bank were the major drag on the first day of the trading week.

The Banking and Oil & Gas indices led decliners shedding 3.2% and 2.9% respectively following profit taking in GTBank (-3.8%), Zenith Bank (-3.0%), Total (-7.3%) and Mobile (-7.6%).

The Consumer Goods index trailed, down 1.5% on the back of losses in Nigerian Breweries (-9.6%) and Dangote Sugar (-4.9%) while the Industrial Goods index fell by 1.2% following sell-offs in CCNN (-4.8%) and Dangote Cement (-0.4%). Wapic (-4.7%) and NEM (-2.0%) dragged the Insurance index 1.1% lower.

Top performers of the day

Presco (+10.0%)
Betaglas (+9.3%)
Cap Plc (+6.9%)

Top decliners of the day

Transcorp (-9.9%)
CI leasing (-9.8%)
Livestock (-9.7%)

Analysts at Afrinvest Securities Limited predict negative run for the stock market this week due to pre-election jitters caused by the uncertainties surrounding the elections.