The market capitalisation of the Nigerian Stock Exchange (NSE) shed N85 billion in what traders have attributed to profit taking in reaction to the results of the presidential poll.
The market, which opened at N12.194 trillion, closed at N12.109 trillion after six hours of trading on Tuesday.
Also, the All-Share Index lost 226.30 points or 0.69% to close at 32,473.82, compared with 32,700.12 recorded on Monday.
Ambrose Omordion, the chief operating officer, InvestData Limited, attributed the market pullback to profit taking embarked by some smart investors.
Omordion said that the smart money that pushed the market up with expectations that the opposition would win the presidential election were leaving the market.
He said that some investors who entered the market in anticipation that the opposition’s economic policy would support market growth were taking profit ahead of earnings season.
“This pullback may not last as a result of 2019 dividend declaration season as dividend yield of financial service stocks are high and attractive due to low prices,” Omordion stated.
Nestle dominated the losers’ chart, dropping by N70 to close at N1,510 per share.
Union Bank of Nigeria trailed with a loss of 60k to close at N6.65, while FBN Holdings was down by 30k to close at N8 per share.
Conversely, Guinness led the gainers’ table during the day, gaining N2.05 to close at N67.15 per share.
Dangote Flour followed with a gain of N1 to close at N12.05, while Oando gained 65k to close at N7.25 per share.
Air Services added 60k to close at N7.05, while Africa Prudential increased by 44k to close at N4.84 per share.
A breakdown of the activity chart indicates that the volume of shares traded rose by 46.57 per cent with an exchange of 322.18 million shares worth N2.43 billion in 4,066 deals.
This was against 219.81 million shares valued at N5.55 billion transacted in 2,999 deals on Monday.