Nigerian Stock Exchange has fallen by N1.3tn from a high of N12.135tn recorded in April Punch has reported.
The decline in market value is reportedly due to the equities sell-offs by foreign and local investors, forcing stocks to fall to a three-month low last Tuesday as investors who were worried about a shortage of dollars on the foreign exchange market sold shares.
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Equities market lost N273bn in market capitalisation last week as it dipped from N11.108tn, at which it opened on Monday, to close at N10.835tn on Friday.
The market capitalisation of listed equities hit a peak of N12.135tn on April 2.
According to Vetiva Capital Management Limited in a report described last week as another red week for Nigerian stocks as bears tightened their grip on the NSE.
“Sustained domestic macro concerns and the renewed decline in global oil prices fueled a selloff on the exchange across five consecutive days. Despite strong advances in the industrial goods sector at week open, negative sentiment in the consumer goods and financial goods sectors continued to offset gains, steering the NSE ASI to its 8th consecutive red close,” they said.
On what will shape markets this week, the analysts highlighted the potential for modest gains in select large caps given the length of recent losses, saying, “We expect bearish market sentiment to persist in the coming week even as bank earnings season kicked off this past week on a negative note.”
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