Reports have surfaced indicating that the market stocks in Nigeria have dropped significantly by N162 billion, which equates to approximately 0.53% of the market capitalization value, following the declaration of Bola Tinubu as the country's president. This drop has brought the total market capitalization down to N30,238 trillion, as compared to the N30.4 trillion figure reported just a few days prior.
Alongside the decrease in market capitalization, the All-Share Index (ASI) has also experienced a decline of 297.65 points, closing at 55,508.61, in contrast to the 55,806.26 reported earlier.
Additionally, Ecobank Transnational Incorporated (ETI) saw a decrease of 7.69% in share value, closing at N12, while Airtel Africa suffered a loss of 5.25%, closing at N1,535 per share.
While analysts at Vetiva Securities Ltd. believe that positive sentiments continue to pervade the market, with more gainers than losers, they also anticipate profit-taking in specific stocks that have recently experienced gains, while the market breadth remains in the green.
Following the news of the stock market's drop, some Nigerians have suggested that Bola Tinubu is not fit for the presidency, as they fear that the country may be headed for collapse.