The Nigerian Stock Exchange (NSE) reacted negatively to sudden election postponement, dropping by N196 billion as predicted by financial experts.
Specifically, the market capitalisation shed N196 billion or 1.61 percent to close at N12.004 trillion against N12.200 trillion on Friday, due to the postponement.
Also, the All-Share Index which opened at 32,715.50 lost 525.43 points or 1.61 per cent to close at 32,190.07, amid loses by blue chips.
The equity market which climbed past a three-month high on Feb. 15 reversed growth, following last minute postponement of the general elections.
INEC had announced the shift of the Feb. 16 Presidential and National Assembly elections to Feb. 23.
The Governorship and State House of Assembly as well as FCT area council elections have also been shifted from March 2 to March 9.
INEC Chairman, Prof. Mahmood Yakubu, at a news conference attributed the postponement of elections to logistics and operational problems.
(NAN)