Investors in the equities market of the Nigerian Stock Exchange lost a total of N287bn on Friday as worsening political tensions and rising interest rates in the United States caused foreign investors to shun assets in Nigeria.
The market capitalisation of listed equities fell below the N13tn mark to N12.941tn from N13.228tn on Thursday.
The NSE All Share Index fell by 2.2 per cent to 35,446.47 basis points at the close of trading, bringing the decline since its 2018 high on January 19 to 21 per cent.
Traders consider a market to be in the bear territory when it is down 20 per cent from its last peak.
The rout marks a sharp turnaround from the first few weeks of the year when the nation’s equities were the best performers in the world. Read more