Nigerian Stock Market Loses N84.39bn As Market Erases Previous Day Gain

Must Read

Rotimi Akeredolu commissions Sunshine Chocolate Factory in Idanre (Photos)

Ondo State Governor, Arakunrin Rotimi Akeredolu SAN, has commissioned the Sunshine Chocolate Factory in Alade Idanre, Idanre LGA. The factory...

Audi electrifies FC Bayern Munich (Photos)

Enabled by the partnership with Audi: FC Bayern Munich is the first international football club to drive using electric...

List of Access Bank Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number which usually identifies both the bank and the branch where an account is...
- Advertisement -

The market capitalisation of listed equities on Tuesday shed N85 billion in six hours of trading to what traders attributed to profit taking as a result of the presidential poll.

Specifically, the market capitalisation, which opened at N12.194 trillion, shed N85 billion or 0.69 per cent to close at N12.109 trillion. Also, the All-Share Index lost 226.30 points or 0.69 per cent to close at 32,473.82, compared with 32,700.12 recorded on Monday.

Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., attributed the market pullback to profit taking embarked by some smart investors. Mr Omordion said the smart money that pushed the market up with expectations that the opposition would win the presidential election were leaving the market.

He said some investors who entered the market in anticipation that the opposition economic policy and reforms would support market growth were taking profit ahead of earnings season.

- Advertisement -

“This pullback may not last as a result of 2019 dividend declaration season as a dividend yield of financial service stocks is high and attractive due to low prices,” Mr Omordion stated.

Nestle dominated the losers’ chart, dropping by N70 to close at N1,510 per share.

- Advertisement -
Nigerian Stock Market Loses N84.39bn As Market Erases Previous Day Gain - Brand SpurNigerian Stock Market Loses N84.39bn As Market Erases Previous Day Gain - Brand Spur

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Read Also:  CONFIRMIT LAUNCHES CUSTOMER EXPERIENCE MATURITY MODEL

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Nigerian Stock Market Loses N84.39bn As Market Erases Previous Day Gain - Brand SpurNigerian Stock Market Loses N84.39bn As Market Erases Previous Day Gain - Brand Spur

Latest News

MultiChoice Nigeria visits BJAN, donates PPE to prevent COVID-19 spread

Nigeria’s leading pay-TV company, MultiChoice Nigeria has donated dozens of Personal Protective Equipment (PPE) to members of Brand Journalists...

PepsiCo Targets 100% Renewable Electricity Globally

PepsiCo Inc. announced a new target to source 100% renewable electricity across all of its company-owned and controlled operations globally by 2030 and across...

CITN Introduces the Use Of Personalized Stamps For Filing Of Tax Returns & Correspondences

Chartered Institute of Taxation of Nigeria (CITN) wishes to inform all its members that the Institute has commenced plans to implement personalized stamps for...

Honoris United Universities launches 21st Century Skills Certificate to skill up graduates for the future world of work

Honoris United Universities, the first and largest pan-African network of private higher education institutions, today announced the launch of the Honoris 21st Century Skills Certificate to...

When it comes to business credit cards, the details matter

A business credit card can be a powerful tool for small business owners looking to access capital, earn rewards, and lay a foundation for...
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -Nigerian Stock Market Loses N84.39bn As Market Erases Previous Day Gain - Brand SpurNigerian Stock Market Loses N84.39bn As Market Erases Previous Day Gain - Brand Spur