Nigerian Equity Market slumps 0.65% ahead of presidential election result

Stockbrokers at the floor of the Nigerian Stock Market

The Nigerian equity market reversed the previous day’s gain, shedding 0.65 per cent on Tuesday, on the back of losses recorded by the consumer goods and banking sectors.

The All Share Index (ASI) lost 226.30 absolute points, representing 0.69 per cent decline, to close at 32,473.82 points, while Market Capitalization slipped N84.39 billion, weakening 0.69 per cent, to close at N12.11 trillion.

Meanwhile, the bourse has so far posted 3.32 per cent this year.

Africa Prudential gained 10 per cent to top 20 gainers’ list, while NPF Microfinance Bank shed 9.7 per cent to emerge the worst performed stock among 21 per cent.

Sunu Assurance was the most traded stock with 50.8 million shares valued at N10.1 million traded in 9 deals, followed by Access Bank Plc with 32.3 million shares worth N203 million traded in 236 deals.

Investors traded a total of 322.18 shares worth N2.43 billion in 4,066 deals.

Only the Insurance sector (3.22 per cent), Oil & Gas sector (1.56 per cent) and Industrial sector (0.04 per cent) appreciated on Tuesday as Nigerians await the outcome of the presidential election held on Saturday.