Nigerian stocks posts its largest one day loss since April 4th as stocks skidded heavily into losses at the close of trading Wednesday
The All Share Index fell 1.7% wiping out about N203 billion in market capitalisation for the day
A total of 39 stocks lost whilst only 19 gained at the end of the day. Dangote Cement, Mobil, Guinness, Access Bank, Diamond Bank etc. all topped the losers chart.
The bearish trend witnessed today is largely attributed to the depreciation of the naira and potential devaluation by the CBN.
Investors sold in large volumes as many foreign portfolio investors are thought to have fled to safety of the dollar in anticipation of another round of volatility.
This could also be a hangover of the “window dressing’ as fund managers who had purchased stocks ahead of the half year valuation are now selling off stocks they didn’t want to hold.
The continuous silence of the President and his economic team is also a major factor inimically affecting the value of stocks.
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