Factual Pursuit of Truth for Progress
About N3.28tn was lost by stock market investors on the floor of the Nigerian Exchange Limited between August 1 and October 31, 2022.
The trading activities, which began with a market capitalization of N27.163tn in August to close at N23.88tn as of October 31, 2022, shed a 12.09 per cent or N3.28tn in the three months under review.
The breakdown revealed that the stock market in October depreciated by N2.57tn as investors’ aggressive profit-taking in Airtel Africa and Dangote Cement Plc impacted the overall market capitalization and in September, the market depreciated by N430bn.
The market lost about N283bn in August.
Consequently, the NSE All Share Index, which tracks the general market movement of all listed stocks, shed 12.24 per cent to close on October 31, 2022 at 49,024.16 basis points from 49, 950.32 basis points on August 1, 2022.
Further findings revealed that the stock price of Airtel Africa in three months has depreciated by N630.40 or 33.08 per cent to N1,275.00 per share, from N1,905.40 per share in August, while Dangote Cement stock price dropped to N220.50 per share in October, representing a decline of 16.8 per cent or N44.5 from N265 per share in August.