#ElectionPostponed: N196 Billion Wiped From Nigeria Stock Market In One Day
While most Nigerians took the postponement of election on Saturday in their strides, investors on the Nigeria Stock Exchange didn’t take it in good faith.
On Monday, the market reacted negatively to the unanticipated poll delay, shedding 196 billion naira by the close of business.
Specifically, market capitalisation closed at 12.004 trillion naira against 12.200 trillion naira recorded on Friday.
Also, the All-Share Index, which opened at 32,715.50 lost 525.43 points or 1.61% closed at 32,190.07, amid losses by blue chips.
The equity market had climbed past a three-month high on February 15 but witnesses growth reversal following INEC's decision to shift the polls.
The Governorship and State House of Assembly as well as FCT area council elections have also been shifted from March 2 to March 9.
INEC Chairman, Prof. Mahmood Yakubu, at a news conference attributed the postponement of elections to logistics and operational problems.
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