Elections outcome: NSE indices drop further by 0.71%

The market indicators of the Nigerian Stock Exchange (NSE) on Wednesday dropped further by 0.71 per cent following the outcome of the Presidential and National Assembly elections.

Our correspondent reports that the All-Share Index for the second consecutive days lost 229.58 points or 0.71 per cent to close at 32,244.24 against 32,473.82 on Tuesday.

Also, the market capitalisation shed N85 billion to close at N12.024 trillion in contrast with N12.109 trillion recorded on Tuesday.

Market analysts attributed the drop to investors’ reactions to the outcome of the presidential elections.

They, however, expressed optimism that the trend would not last long due to the release of 2018 earnings season.

Nestle for the second day running led the losers’ chart, declining N10 to close at N1,500 per share.

Unilever trailed with a loss of N2 to close at N41, while Zenith Bank dipped 90k to close at N24.90 per share.

Oando dropped 70k to close at N6.50, while Dangote Sugar depreciated by 40k to close at N15 per share.

Conversely, PZ Cussons led the gainers’ table, gaining N1.15 to close at N13.45 per share.

Julius Berger followed with a gain of N1 to close at N27.50, Union Bank of Nigeria gained 30k to close at N6.95 per share.

NASCON added 30k to close at N19.20, while NPF Microfinance Bank increased by 13k to close at N1.62 per share.

The volume of shares transacted rose by 41.53 per cent, while the value increased by 10.29 per cent.

Specifically, investors bought and sold 456.07 million shares valued at N2.68 billion in 5,416 deals.

This was against the 322.18 million shares worth N2.43 billion achieved in 4,066 deals on Tuesday.

Banking stocks remained the most sought with Diamond Bank emerging the toast of investors, transacting 186.43 million shares worth N466.65 million.

Fidelity Bank followed with an account of 45.07 million shares valued at N106.18 million, while Access Bank traded 33.05 million shares worth N204.70 million.

Transcorp sold a total of 23.51 million shares valued at N32.05 million, while United Bank for Africa traded 20.89 million shares worth N166.44 million.