Presidential Result: NSE capitalisation loses N85bn in six hours NigeriaDecides2019result NigeriaDecides2019
The market capitalisation of listed equities on Tuesday shed N85bn in six hours of trading to what traders attributed to profit-taking as a result of the presidential poll.
The Chief Operating Officer, InvestData Ltd., Mr. Ambrose Omordion, attributed the market pullback to profit-taking embarked upon by some “smart investors.” “This pullback may not last as a result of 2019 dividend declaration season, as dividend yield of financial service stocks are high and attractive due to low prices,” Omordion stated.Union Bank of Nigeria trailed with a loss of 60k to close at N6.65, while FBN Holdings was down by 30k to close at N8 per share.
Air Services added 60k to close at N7.05, while Africa Prudential increased by 44k to close at N4.84 per share.