Election postponement drags stock market All-share index by 1.6%

After eight days of bargain hunting activities, the bears upstaged the bulls yesterday on the trading floor of the Nigerian Stock Exchange, as investors reacted to the postponement of the Saturday general elections.
 
Specifically, the All Share Index (ASI) shed 525.13 absolute points, representing a dip of 1.61 per cent to close at 32,190.07 points. Similarly, market capitalisation lost N196 billion at N12.004 trillion.
 
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Total Nigeria, Mobil Nigeria, Nigerian Breweries, Guaranty Trust Bank and Cement Company of Northern Nigeria (CCNN).

On the other hand, Transnational Corporation of Nigeria (Transcorp) led the losers’ chart with 9.94 per cent to close at N1.54, per share.

CI Leasing followed with a decline of 9.82 per cent to close at N6.61, while Livestock Feeds fell 9.72 per cent to close at 65 kobo, per share.
 
Wema Bank declined by 9.71 per cent to close at 93 kobo, while Nigerian Breweries dropped 9.64 per cent to close at N75 per share.
Total volume of trade declined by 71.2 per cent to 233.42 million units, valued at N3.36 billion and exchanged in 4,134 deals. Access Bank traded with 25.32 million shares valued at N160.16 million. 
 
Chams followed with 21.7 million shares worth N.34 million, while United Bank for Africa (UBA) traded 20.45 million shares valued at N157.19 million.

Zenith Bank traded 15.68 million shares valued at N375.32 million, while Guaranty Trust Bank transacted 13.86 million shares worth N519.12 million.