Stock market loses N425bn

Transactions on the floor of Nigerian Stock Exchange Wednesday sustained volatility as Nigerian Stock Exchange Composite All Share Index declined by 815.91 basis points.

The NSE ASI also depreciated by 3.35 per cent  to 23572.75 points from 24388.66 points reported on Tuesday.

Market Capitalisation of listed equities also declined  by N425 billion to N12.284 trillion from N12.709 trillion reported on Tuesday.

Investors traded 1.391 billion shares worth N17.647 billion in 7150 deals against 594.553 million shares valued at N4.307 billion in 4010 deals.

The market bear run according to capital market operators resulted from several local and foreign factors affecting the nation’s economy, including the recent crash in crude oil prices over the ravaging coronavirus which is mounting threat on every economy globally.

Others were the fear of likely devaluation of the naira and also the planned downward review of the 2020 budget to reflect the new economic realities, particularly now oil is trading below the budget benchmark of $57 per barrel.

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