Investors in the Nigerian equities market witnessed the largest single daily loss since the beginning of 2019 after Nigeria’s presidential election with All Share Index dipping by 1.63per cent on the last trading in the election month. However, the trend may be short-lived as the market recorded a gain on Friday, the first day of trading in March, reports Bamidele Famoofo
The NSE-All Share Index , which tracks performance of stocks listed on the platform of the Nigerian Stock Exchange as a result of sell-offs by investors declined from 32,700.12 points to 31,721.76 points on the last trading day in the month of February. As a result of the performance in the last four days in February, Month-to-date returns moderated to 3.80 percent while Year-to-date stood at 0.92 percent, according to Cordros Capital.
“As the market continues to digest election results, we guide investors to trade cautiously in the short term. However, stable macroeconomic fundamentals and compelling valuations remain supportive of recovery in the mid-to-long term”, Cordros Capital said. As earlier reported by THISDAY, the market had recorded a decline in January as general elections jitters kept most investors away from the market. However, investors increased their patronage in February as they anticipated the release of corporate results for the year ended December 2018. Also, some investors felt the political uncertainties were reducing. Hence, the market appreciated in the month of February.
A review of the performance of the equities market a week penultimate the elections showed that the NSE All-Share Index and market capitalisation depreciated by 0.61 percent to close the week at 32,515.52 and N12.126 trillion respectively.
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