L
LequteMan
Guest
There is trouble on the horizon for the Nigerian economy as the price of oil continues to fall, dragging along with it the Naira, stocks and government revenue.
As a result, stakeholders are increasingly getting worried about the future of the country's economy and this is evident in the daily loss the stock market experiences.
Nigerian stocks fell 3.6 percent to a near three-and-half-year low on Wednesday after the Naira fell to N300 per dollar on the black market, weighed down by sliding oil prices and CBN's policy to curb dollar supply.
Currency and stock markets have been hard hit by the persistent fall in crude, Nigeria’s main export, triggering a fall in government revenues and exit of foreign investors from the local bourse.
The stock market continued the previous days sell off as the Market Capitalisation and All Share Index closed at 3.58 per cent loss at N8.633 trillion and 25.103 basis points, on Wednesday, with market capitalisation shedding a sum of N320.5 billion.
Market capitalisation, in the eight-day trade of the year 2016, has depreciated by N1.22 trillion and by the result posted on Wednesday, the Year-to-Date (YTD) returns currently stands at -12.36 per cent.
Market turnover also continued previous day 74.87 per cent increase as volume appreciated by 65.37 per cent on Wednesday.
All Indices of the Nigerian Stock Exchange lost their value except NSE ASeM that remained unchanged at 1,205.74 points.
Tribune
As a result, stakeholders are increasingly getting worried about the future of the country's economy and this is evident in the daily loss the stock market experiences.
Nigerian stocks fell 3.6 percent to a near three-and-half-year low on Wednesday after the Naira fell to N300 per dollar on the black market, weighed down by sliding oil prices and CBN's policy to curb dollar supply.
Currency and stock markets have been hard hit by the persistent fall in crude, Nigeria’s main export, triggering a fall in government revenues and exit of foreign investors from the local bourse.
The stock market continued the previous days sell off as the Market Capitalisation and All Share Index closed at 3.58 per cent loss at N8.633 trillion and 25.103 basis points, on Wednesday, with market capitalisation shedding a sum of N320.5 billion.
Market capitalisation, in the eight-day trade of the year 2016, has depreciated by N1.22 trillion and by the result posted on Wednesday, the Year-to-Date (YTD) returns currently stands at -12.36 per cent.
Market turnover also continued previous day 74.87 per cent increase as volume appreciated by 65.37 per cent on Wednesday.
All Indices of the Nigerian Stock Exchange lost their value except NSE ASeM that remained unchanged at 1,205.74 points.
Tribune
