Nigerian stocks fall by N162Bn as Tinubu is declared president

Reports coming in say that the market stocks of the country dropped by N162 billion a few hours after Bola Tinubu was declared president.

According to reports, the market capitalization has dropped by N162 billion which is about 0.53% to N30,238 trillion against the N30.4 trillion which was reported a few days ago.

Aside from the N162 billion dropped market stocks, the All-Share Index (ASI) has also declined by 297.65 points to close at 55,508.61 compared with 55,806.26.

Furthermore, Ecobank Transnational Incorporated (ETI) dropped by 7.69 percent to close at N12, while Airtel Africa dropped by 5.25 to close at N1,535, per share.

“Positive sentiments remain in the market, as seen in the number of gainers versus losers. We expect to see profit taking in some selected stocks that have rallied in recent sessions, while market breadth remains in the green,” said analysts at Vetiva Securities Ltd.

After the news of the dropping of stocks, some Nigerians have justified the fact that Bola Tinubu is not meant to be president as they have conjectured that the country is on its way to collapse.