When Buhari confirmed his intention to run for the presidency, the bears went on rampage at the Nigerian Stock exchange, NSE, with investors losing N150 billion on the run on the market. Since then, there has been a sustained run on the market, negating expectations from analysts who expected the market to pick after exiting recession. This was blamed on the political intrigues that followed hhis declaration and bank runs due to the local party primaries and the outlook for the big one. Since the past three months, however, a cumulative loss of N729 billion has been reported at the floor of the exchange.
Analysts tend to rationalize this, blaming it on extraneous factors that was not put into considerations. Political decisions often affect the market in addition to global macro and micro economic indices.
Investors are worried about what will happen in 2019 and prefers to move their investments to safe havens, or to adopt the wait and see games. The penchant fhat the presidency have for demarcating his own economy is also cited as a source of worry to the investors.