Nigeria’s Stock Market Loses N394bn in One Week

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The Nigerian Stock Exchange recorded a loss of N394 billion in market capitalisation last Thursday to close at N12.237 trillion. This represented a decline of 3.12 percent from the previous Friday’s position of N12.631 trillion and 36,646.46 respectively.

But when measured on a monthly basis, the market experienced an aggregate decline of 3.31 percent both in market capitalisation and ASI. According to the statistics from NSE, the market opened the month on Tuesday, August 1 with a market capitalisation of N12.656 trillion and ASI of 36,720.62, and closed with N12.237 trillion and 35,504.62 respectively on Friday, August 31. This represented a loss of N419 billion and 1,216 in market capitalisation and ASI respectively.

The market had after a week of trading, recorded a three-year high hitting the N13 trillion mark on renewed investor optimism. Specifically, by the close of trading on Tuesday, August 8, the market hit a three-year high as market capitalisation stood at N13.1 trillion for the first time since October 2014, while ASI closed at 37,999.56.

This was after the gains recorded on July 17, when activities of the bulls, which resurged after a bout of losses, pushed the market capitalisation and ASI to close 2.47 per cent higher than the previous week.

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