Nigerian stocks closed trading today with a -0.77% loss and the index recorded more losers than gainers. The All Share Index closed at 34,044.65. A total of 36 stocks lost whilst another 21 gained.
Today was the first time the stock market was trading with Buhari as Democratically elected president and perhaps sends a strong message that the economy is still on the minds of investors. The presidential speech which many thought was great however lacked any major economic punchline and may not have resonated well with investors.
It’s no wonder today’s -0.77% loss was the worst one day drop since April 20, 2014. Contrast that to May 31, 2011 when Jonathan was elected president, Nigerian stocks gained 0.14%.
Top gainers and losers below;