The nation’s stock market recorded continues losses totalling N170bn in two days, following the announcement of the results of the presidential election.
Investors lost N84.4bn on Tuesday and N85.6bn on Wednesday, erasing the gains recorded in previous sessions before the elections.
The market recorded early gains on Wednesday but dropped below the 32,473.82 basis points, which the market closed with yesterday at 10:47 am.
The market, at 1:37 pm, hit its lowest point during the day at 32,185.34bps, after which it recorded slight gains to close at 32,244.24bps.
According to analysts, Nigerian stocks can see a relief rally with the conclusion of the presidential election and the rise as much as 10 per cent this year as investors pile back into riskier assets.
They said renewed fund flows into Nigerian equities were expected to spur, after foreign investors pulled $2.1bn out of the NSE last year.
At the end of trading on Wednesday, the All Share Index declined by 0.71 per cent, while the market capitalisation of equities listed on the floor of the Nigerian Stock Exchange dropped from N12.110tn to N12.024tn.
Zenith Bank Plc, Unilever Nigeria Plc and Oando Plc witnessed continued profit-taking.
However, activity level strengthened as volume and value traded increased by 41.6 per cent and 10.1 per cent to 456.070 million units and N2.7bn, respectively.
The top traded stocks by volume were Diamond Bank Plc (187.4 million units), Fidelity Bank Plc (45.1 million units) and Access Bank Plc (33.1m units), while the top traded stocks by value were Diamond Bank (N466.7m), Zenith  Bank and Guaranty Trust Bank Plc (N242.7m).
Performance across sectors was largely bearish as four of five sectors closed on a negative note.
The oil & gas index declined the most, down by 1.7 per cent on the back of losses in Oando Plc and Eterna Plc.
Similarly, the banking, consumer goods and industrial goods indices declined by 1.4 per cent, 0.7 per cent and five basis points, respectively, based on sustained profit taking in Zenith Bank, Diamond Bank, Nestle Nigeria Plc, Unilever and Lafarge Africa Plc.
On the flip side, gains in Cornerstone Insurance Plc buoyed the Insurance index as it emerged the lone gainer, up by 0.1 per cent.
Investor sentiment as measured by the market breadth (advance/decline ratio) worsened to 0.3x from 3.1x recorded on Tuesday as 30 losers overshadowed gains recorded in 10 stocks.
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The top five losers were Union Diagnostic and Clinical Services Plc, Oando, Wema Bank Plc, Veritas Kapital Assurance Plc and Eterna, which saw their respective share prices shed 9.68 per cent, 9.66 per cent, 8.24 per cent, eight per cent and 7.37 per cent.
The top five gainers were Neimeth International Pharmaceuticals Plc, PZ Cussons Nigeria Plc, NPF Microfinance Bank Plc, John Holt Plc and Jaiz Bank Plc, whose share prices gained 9.84 per cent, 9.35 per cent, 8.72 per cent, 8.33 per cent and 4.92 per cent, respectively.
Analysts at Afrinvest Securities said, “Following the conclusion of the 2019 presidential elections, we advise investors to take a position in fundamentally good stocks trading at cheap prices as we expect improved earnings to buoy performance in the near term.”

Infinity Tyres