Nigeria’s stock investors have booked about N859billion loss in two trading this week after weekend’s threat by United States President Donald Trump.
The stock market furthered its negatives by 0.72 percent on Tuesday, the second trading days after Trump’s threat to launch a military invasion of Nigeria. Cumulatively, the market has decreased by 0.97 percent this week, decreasing the record return year-to-date (YtD) to 48.29 percent.
“The market remains in a stable bullish regime despite recent selling pressure. This pressure appears to be healthy profit-taking, an expected action during a bull run. That said, we cannot rule out the possibility of further downside in a large-cap stock that posted strong gains coming into this week,” Lagos-based Vetiva research analysts said in their November 3 post-trading note.