Election phobia: Stock market’s index drops further by 0.78%

The volatility of the Nigerian Stock Exchange (NSE) remained unabated on Monday with crucial market indices decreasing further by 0.78 per cent.

Our correspondent reports that the All-Share Index shed 238.62 points or 0.78 per cent to close at 30,400.28 against 30,638.90 posted on Friday.

In the same vein, the market capitalisation, which opened at N11.425 trillion lost N89 billion or 0.78 per cent to close at N11.336 trillion.

Nestle recorded the highest loss of the day, dropping by N25 to close at N1,450 per share.

Total trailed with a gain of N2.80 to close at N200.20, while MRS dipped by N2.55 to close at N23.15 per share.

Unilever was down by N2.55 to close at N33.75, while Okomu Oil went down by N2.40 to close at N77.60 per share.

Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., said the ongoing volatility would persist due Rebalancing of portfolios by investors and fund managers.

Omordion said investors would continue with ‘wait and see attitude,” while watching the political space ahead of full year company earnings reports and post-election market dynamics.

He said these factors would drive prices north or south before and after the Presidential election.

“Investors should review their positions in line with their investment goals, strength of the companys’ numbers and act as events unfold in the global and domestic environment,” Omordion said.

However, on the positive side, Stanbic IBTC led the gainers’ table with a gain of 50k to close at N47 per share.

Guaranty Trust Bank followed with a gain of 35k to close at N33.85, while
Diamond Bank gained 18k to close at N1.98 per share.

Eterna Oil rose by 10k to close at N4.40, while Lafarge Africa increased by 5k to close at N11.35 per share.

Diamond Bank emerged the toast of investors as the most traded equity, accounting for 77.68 million shares worth N153.10 million.

Zenith Bank followed with an account of 19.75 million shares valued at N430.09 million, while FBN Holdigs traded 10.82 million share worth N80.60 million.

Guaranty Trust Bank traded 8.46 million shares valued at N286.04 million, while Access Bank sold 7.33 million shares worth N42.94 million.

In all, the volume of shares traded closed lower with an exchange of 222.58 million shares valued at N3.34 billion in 3,746 deals.

This was in contrast with 334.32 million shares worth N1.77 billion traded in 4,083 deals on Friday.