The stock market is still experiencing worrisome down turn as capitalisation tumbled below N11 trillion today (Wednesday, December 3, 2014)…losing over N3 trillion in weeks. Market capitalisation hovered at N10.979 trillion, with All Share Index at 33,255.67 points.
Major losers are Dangote Cement, from N175 to N170 (-N5) ; 7 UP, N155 to N151.11 (-N3.89) ; Forte Oil, N217.9 to N215 (-N2.9) ; Guinness, N150 to N149 (-N1) and International Breweries, N26 to N25.01 (-N0.99).
The Naira, however, appears to be regaining some lost grounds. In the international market, $1 exchanged for N178.95; £1 for N280.67 and N220.28 to the Euro.
Meanwhile, Africa’s pride and her richest son, Alhaji Aliko Dangote slipped to number 38 on Forbes rich list, with $19.1 billion net-worth. At his peak just about a month ago, he was number 23, with $25 billion net-worth.
Nigeria’s economy is facing one of its toughest period yet, with falling oil prices, crashing exchange rate, escalating cost of living and tumbling stock market. Many have advanced insecurity occasioned by insurgency, uncertain political future due to 2015 elections, frivolous imports, massive corruption and exit of foreign investors as reasons for our troubled economy.