Investors on the Nigerian Stock Exchange (NSE) continued to sell off their stakes, causing the stock market to drop by 2.1 per cent yesterday.
Also, major stock exchanges recorded sharp drop in value yesterday following the release of the United States (US) data which accentuated fears about the crippling state of the global economy.
There is an indication that the sell-off by the foreign investors in Nigeria was sparked by the weakening value of the naira and declining oil prices. The market capitalisation declined by N260 billion or 2.1 per cent to N12.710 billion from N12.970 billion recorded the preceding trading day.
Similarly, the NSE All Share Index (ASI) dipped by 2.01 per cent or 787.80 points to close at 38,490.67, from the 39,278.47 achieved on Wednesday. Yesterday’s loss is the biggest single-day decline since February 13, 2014.
Forte Oil recorded the highest price loss of N10.90, to close at N207.10 per share. Wapco trailed with a loss of N6.15 to close at N116.85, while Dangote Cement dipped by N4.94 to close at N215 per share.
On the other hand, Seven Up led the gainers’ chart by N15.13, to close at N162.86 per share. Honeywell Flour gained 16 kobo to close at N3.85, while Cutix grew by nine kobo to close at N1.97 per share.