Nigeria Stocks Crumble To 3-Month Low As Buhari Announces Second Term Bid

The Nigerian Stock Exchange (NSE) recorded a negative trend as the market capitalisation lost N150 billion and volume depreciated by over 42 per cent on the same day President Muhammadu Buhari officially announced he would seek re-election in 2019.

Buhari, who made the declaration at the resumed meeting of the National Executive Committee (NEC) of the APC, took party members completely unawares as they were not expecting him to speak on his 2019 presidential bid.

Buhari Explains Why He’s Running For Second Term (Full Speech)

However, Reuters reports on Monday, April 9, that the stock market, which opened on a losing streak after Lafarge Africa announced a surprise 2017 loss, worsened its decline.

The equity market fell near 40,000 points.

At the stock exchange, the market capitalisation, which opened at N14.753 trillion, shed N150 billion or 1.02 per cent to close at N14.603 trillion, amid three-month losses.

It was also gathered that the All-Share Index dipped by 1.01 per cent to close at 40,429.18 compared with 40,841.14 posted on Friday.

Unilever led the losers’ table, shedding N4.80 to close at N55 per share while Lafarge Africa trailed with a loss of N3.20 to close at N41. Dangote Cement also shed N2.90 to close at N252, while Guinness depreciated by N1 to close at N103.

Dangote Flour on its part lost 65k to close at N13.15 per share.

GlaxosmithKline led the gainers’ table during the day, growing by N10 to close at N30 per share. It was followed by Champion which closed at N2.48, CCNN at N18, Mansard at N2.52, and Fidson at N5.8.

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Nigeria Stocks Crumble To 3-Month Low As Buhari Announces Second Term Bid The Nigerian Stock Exchange (NSE) recorded a negative trend as the market capitalisation lost N150 billion and volume depreciated by over 42 per cent on the same day President Muhammadu Buhari officially announced he would seek re-election in...