http://nextedition.com.ng/2019/02/20/poll-shift-nigerian-market-reacts/

The Nigerian stock market early this week, reacted to the shocking postponement of last weekend’s presidential and National Assembly elections.

At the close of trading activities at the Stock Exchange on Monday, major companies and well capitalized stocks suffered losses.

The companies that recorded losses include Total Nigeria, Mobil Nigeria, Guaranty Trust Bank as well as Cement Company of Northern Nigeria, CCNN, among others.

In all, there were 12 gainers and 37 losers. Among the gainers were Presco, Beta Glass, as well as Chemical and Allied Products, CAP.

The market capitalization lost N196 billion to close at N12.004 trillion. At the close of trading on Friday, February 15, which was a day to the now rescheduled elections, the market capitalization was N12.200 trillion. The market declined by 1.16 per cent.

Stock market analysts at Afrinvest Limited have projected that the decline is most likely to be sustained this week as a result of pre-election jitters caused by uncertainties surrounding the elections.

Conversely, some other market watchers are of the view that the downturn may last for just about two trading days but are most likely to impact negatively on recent gains recorded by the stock market.

At the end of last week, a total turnover of 2.834 billion shares worth N28.138 billion in 28,739 deals were traded by investors on the Exchange.

If the current market trend is sustained, the market is most likely to decline beyond the figures of last week. But in the event of a peaceful conduct of the February 23 elections, and early announcement of results without much rancor and suspense, market watchers also predict a rebound in no distant time.