- Nigerian stocks posts its largest one day loss since April 4th as stocks skidded heavily into losses at the close of trading Wednesday
- The All Share Index fell 1.7% wiping out about N203 billion in market capitalisation for the day
- A total of 39 stocks lost whilst only 19 gained at the end of the day. Dangote Cement, Mobil, Guinness, Access Bank, Diamond Bank etc. all topped the losers chart.
- The bearish trend witnessed today is largely attributed to the depreciation of the naira and potential devaluation by the CBN.
- Investors sold in large volumes as many foreign portfolio investors are thought to have fled to safety of the dollar in anticipation of another round of volatility.
- This could also be a hangover of the “window dressing’ as fund managers who had purchased stocks ahead of the half year valuation are now selling off stocks they didn’t want to hold.
- The continuous silence of the President and his economic team is also a major factor inimically affecting the value of stocks
[ANGUISH] Nigerians stocks post largest one day loss since April
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