Nearly two months after President Muhammadu Buhari took over the administration of Nigeria, investors in the nation’s stock market have lost over N1.032 trillion. Stakeholders have attributed the development to slow pace of governance, lack of policy direction, high political risk, feud in the federal legislature, no ministerial appointment, amongst others.
The recent drop in the Nigerian stock market indicators also shows a seventh consecutive weekly loss, the longest streak since September 2011.
Financial Vanguard analysis shows that from May 29, 2015 to end of stock market trading last Thursday, investors had lost about N1.032 trillion in the nation’s stock market , as the Nigerian Stock Exchange, NSE’s market capitalisation which represents the value of investors’ investment in the stock market declined from N11.659 trillion to N10.627 trillion.
Another stock market gauge, the All Share Index declined by 9.5 per cent or 3,262.38 points to close last week Thursday at 31,047.99 points from 34,310.37 points it closed on May 28, 2015.
A further review of other performance indices on the NSE shows that the NSE 30 Index declined by 1.4 per cent from 1,425.81 points during the period under review to close last week Thursday at 1.406.49 points; NSE Banking index dropped by 1.1 per cent from 342.42 points to 338.72 points; NSE Insurance Index declined by 0.63 per from 143.60 points to 143.51 points; Consumer Goods Index declined by 1.7 per cent from 772.74 points to 759.61 points; NSE Oil and Gas Index declined by 0.054 per cent from 346.87 points to 346.68 points; Lotus Islamic Index declined by 1.3 per cent from 2, 151.32 points to 2,176.29 points ; NSE Industrial Index went down by 1.5 per cent from 2.208.64 points to 2,176.29 points; NSE ASeM Index remained unchanged as it close at 1,209.30 points.
