Stocks see highest daily dip of N1.3trn in November

Nigeria’s stock market furthered it negatives on Wednesday by 1.19 percent, its highest decline since the beginning of this month.

Stock investors are still taking profit in names that had rallied ahead of November, and this sentiment is expected to persist on concerns after weekend’s threat by United States President Donald Trump.

Wednesday’s huge decrease has further reduced stocks value by about N1.3trillion, extending three-day dip to over N2.1 trillion.

Stocks and other asset classes have taken a hit since this week, confirming investors’ fears that Trump’s threat could raise the risk premium on Nigerian assets, thereby eroding recent gains achieved by the nation’s reforms.

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This month, the market has decreased by 2.15 percent and the market’s return this year has decreased to 46.52 percent, according to Wednesday’s trading data.

The stock market’s major pullback in early trading this Month comes after record rally by 8 percent in October.

The NGX All-Share Index (ASI) and Market Capitalisation depreciated from Tuesday’s 152,629.6 points and N96.970 trillion respectively to 150,573.87 points and
N95.664 trillion.

TAGGED:bdothernews Nigeria's stock market

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ByIheanyi Nwachukwu

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Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.