Recession: Investors Lose N281bn In Less Than 9 Months

Investors in the nation’s stock market have lost about N281 billion of their investment value in the past eight months as the ongoing economic recession continues to hit the financial market. This is just as stockbrokers continued to lament over difficult operating environment which has placed their businesses in difficulties.
Vanguard findings showed that the Nigerian Stock Exchange, NSE market capitalisation, which represents the value of total investment in the stock market by investors, dropped by N281 billion or 2.9 per cent from N9.850 trillion it opened in the first trading day of January this year to close at N9.569 trillion last week Friday.
Another stock market gauge, the NSE All share index dropped by 2.7 per cent or 783.77 points from 28, 642.25 points it opened in January to close last week at 27,599.03 points.
Meanwhile, stockbrokers have said that the on-going economic recession continues to affect the financial market with dire consequences on the income streams of the capital market operators and has given them concern for their continued existence.