- Nigerian Stock Exchange Drops N103.98 Billion
The Nigerian Stock Exchange reversed the gain recorded earlier in the week, following the second consecutive rise in inflation number amid growing uncertainty.
The market capitalisation declined by N103.98 billion from N11.946 trillion recorded on Tuesday to N11.842 trillion on Wednesday.
This was after the National Bureau of Statistics released inflation data for the month of September on Tuesday, suggesting that rising inflation rate and falling foreign reserves are weighing on the economic outlook.
Similarly, the drop in capital importation due to rising interest rates in developed economies and uncertainty surrounding national election weighed on business confidence.
The gauge, All-Share Index shed 0.87 percent to settle at 32,437 basis points.
Also, year-to-date return dropped lower to -15.18 percent as volume and value of transactions failed to match Tuesday’s participation in the market.
Generally, performance was largely bearish across all sectors except for the insurance sector that gained 1.5 percent due to appreciation in Continental Reinsurance Plc and Wapic Insurance Plc.
Index for industrial goods declined the most, dropping 1.6 percent on Wednesday.
However, eleven stocks appreciated, while 22 posted losses.