Nigerian stocks dropped to a three-month low after President Muhammadu Buhari said he would seek re-election in 2019, ending months of speculation about his future after bouts of ill health.
According to Reuters, the stock market, which opened on a losing streak after Lafarge Africa announced a surprise 2017 loss, worsened its decline. The equity market fell near 40,000 points.
It will be recalled that President Buhari after several months of speculation announced that he will be re-contesting contrary to his earlier claim that he was prepared to rule for a term.
This is as many Nigerians have continuously expressed doubt over the ill health of President Buhari, who on Monday travelled to London suspectedly to meet his medical team.
The market capitalisation, which opened at N14.753 trillion, shed N150 billion or 1.02 per cent to close at N14.603 trillion, amid three-month losses by blue chips.
Also, the All-Share Index dipped by 411.98 points or 1.01 per cent to close at 40,429.18 compared with 40,841.14 posted on Friday, April 6.
The market was weighed down by profit taking by some investors with major blue chips recording price losses.
Unilever recorded the highest loss to lead the losers’ table, shedding N4.80 to close at N55 per share.
Lafarge Africa trailed with a loss of N3.20 to close at N41 in spite of N1.50 final dividend declared for the financial year ended Dec. 31, 2017.
Dangote Cement shed N2.90 to close at N252, while Guinness depreciated by N1 to close at N103.
Dangote Flour also lost 65k to close at N13.15 per share.