Stock Market Sheds N812bn in May as Investors Weigh Options
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Summary:
Goddy Egene
The rally witnessed in the equities market in April was halted in May as rising yields in the fixed income securities market reduced demand by investors.
Owing to this, the market, which gained N418 billion in April, depreciated further by N812 billion in May.
The market capitalisation fell from N20.847 trillion at the beginning of the month to close at N20.035 trillion yesterday. Similarly, the Nigerian Exchange (NGX) Limited All-Share Index (ASI) declined by 3.5 per cent from 39,834.42 to 38,437.88 yesterday.
The 2020 full year and 2021 first quarter(Q1) corporate earnings had triggered high demand for stocks, leading to a gain in April after a bear run in February and March.
However, the gain could not be sustained in May following indecision among traders, who are we ...
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