EXCLUSIVE: Nigeria Stock Market loses over N565 Billion As Investors Await President's Cabinet
The THISDAY Reports have gathered The stock market had suffered high volatility ,while many foreign investors remained on the sidelines, waiting for the policy direction of President Muhammadu Buhari in his second term, local investors remained incapacitated by weak purchasing power to invest among others.
The stock market had suffered high volatility in the months of January, February, March and April due to elections concerns and poor first quarter results by some companies.
But the market rebounded and closed the month of May, the month of the inauguration of the president, with gain, as concerns over the elections subsided. THISDAY, however, gathered that the bears have returned since the beginning of June, as investors await a new cabinet.
Consequently, the Nigerian equities market, it was learnt, has lost N565 billion within the month of June.
Specifically, the market capitalisation has declined from N13.684 trillion at the beginning of the month to N13.119 trillion on Wednesday, while the Nigerian Stock Exchange (NSE) All-Share Index fell by four per cent to 29,772.72.
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