Encomium
The stock market in Nigeria is tumbling again, sending investors to despondency and wiping away the value of their holdings. On Thursday, November 6, 2014, the market lost a lot of value, and settled at N11.425 trillion.
The All Share Index stood at 34,494.93, Deals were 4,188, Volume – 1,327,388,046.00 and Value – N8.373 billion.
Major gainers were NAHCO (from 4.61 to 4.83), REDSTAREX (3.82 to 4), FCMB (3.34 to 3.38), ETERNA (3.48 to 3.5) and WEMABANK (0.94 to 0.95). And losers were NESTLE (931 to 883.5), Forte Oil (208.15 to 194.75), DANGOTE CEMENT (208.89 to 198.45), WAPCO (89.61 to 80.88) and NIGERIAN BREWERIES (151 to 143.450).
The decline matches the drop of 2008 when investors were battered and bludgeoned.
Meanwhile, the Naira was also bruised as it exchanged for N170.5 to the dollar, forcing Central Bank of Nigeria to restrict its sale to further arrest more trouncing.
