Encomium
The stock market maintained its steady decline, shedding almost half a trillion naira and sending despair across the land.
In one week, market capitalization dropped by about N500 billion, creating apprehension and heart aches similar to the financial woes of 2008 when legions lost their lives’ savings.
By 5:30 pm today (Friday, November 21), market capitalization stood at N11.241 trillion, against N11.718 trillion last week (Friday, November 14), a difference of N447 billion.
Market capitalization which rose to well over N13 trillion this year has been tumbling down in the last few weeks. And many have suffered huge losses, moaning and crying.
The decline in the market has been attributed to falling oil price, battered exchange rate which has crossed the N176 mark, insecurity occasioned by Boko Haram, uncertainty fueled by the political class and the 2015 elections.
