Analysts say political intrigues ahead of the 2019 elections have taken a severe toll on the nation’s stock market, causing investors to lose over ₦3.43 trillion in nine months of persistent decline.
Many blue-chip companies quoted on the Nigerian Stock Exchange (NSE) have also experienced unprecedented losses, contrary to the general expectations of positive earnings in 2018.
The losses were calculated as at close of trading in May 10, 2018, when the announcement of the ward congresses was made, to the last trading day in January 2019.
Analysts, operators and investors blamed the persistent lull on perceived risk associated with the coming 2019 general elections, making mostly foreign investors to embark on a massive selloff and consequently exit the market.
According to the stakeholders, since the last eight months when political activities have been on the upswing, the market has been on the downward trend with a frequent up-and-down weekly movement.