According to reports, the country’s market stocks fell by N162 billion a few hours after Bola Tinubu was elected president.
According to sources, the market value has decreased from the N30.4 trillion published a few days ago by N162 billion, or around 0.53%, to N30,238 trillion.
Together with the N162 billion in market stock losses, the All-Share Index (ASI) also experienced a loss of 297.65 points, closing at 55,508 instead of 55,806.61.
Airtel Africa also experienced a decline, falling 5.25 percent to close at N1,535, per share, while Ecobank Transnational Incorporated (ETI) saw a 7.69 percent decline to settle at N12.
The ratio of gainers to losers indicates that the market is still experiencing positive feelings. While market breadth remains positive, we anticipate profit-taking in a few selected equities that have surged in recent sessions, according to analysts at Vetiva Securities Ltd.
With the news of the stock market decline, some Nigerians have argued that Bola Tinubu is not qualified to serve as president because they believe that the nation is headed for economic ruin.