Nigerian stock market lose N513billion 4 days after GEJ’s visit

The Nigerian All Share index recorded its third day of losses today after it dipped 0.4% to close at 29,434,46. The market has now lost 4.6% week to date and fourth straight trading day since last Friday when the sell offs began. In fact, the market has been in a tailspin since President Jonathan visited last Thursday and has now lost a whopping N513.6billion by our estimates.

Whilst this may not be the reason for the loss it is only significant that it has happened. It also shows how intolerant the market is to political shenanigans as it will take more than a reassurance from the president to get investors to leave their money in equities.

Only 11 stocks closed with a gain today with Costain leading the pack at 4%. A total of 27 stocks lost today with Africa Prudential losing 12.7%. Africa Prudential’s loss was mostly attributed to the fact that it was marked down after it closed its register for 35kobo dividends. This is the full price list