Encomium
Long term investors in the Nigerian stock market are groaning – as the value of their shares are tumbling. In two weeks, the market lost about N2 trillion!
Between Friday, October 24 and Friday, November 7, the market capitalization dropped from N12.906 trillion to N11.001 trillion, that is N1.905 trillion difference.
Legions have lost their fortunes, creating fears of a repeat of the dark days of 2008 when the market practically crashed.
Companies are losing chunks of their shares, with many shedding more than N20 to N10 per share in the period.
The market capitalization, which stood proudly at N12.906 trillion by October 24, dropped to N12.437 trillion on October 31, and now stands at N11.001 trillion (November 7, 2014).
