Turbulence in the political arena has sparked massive dumping and induced sell pressure on the equity sector of the Nigerian Stock Exchange as stock market investors lost N257 billion or 2.2 per cent at the close of transactions on Friday.
Analysts perceive there would be continued selloffs in the absence of any near-term positive trigger. They noted that the tense political environment would keep dampening investors’ confidence and aggravate more sell pressure.
The market capitalization of listed equities tumbled significantly to close at N12.941 trillion from Thursday’s N13.228 trillion. The All Share Index (ASI) suffered the same fate, losing 786.19 points from 36,232.47 to 35.446.47.