Investors in Nigerian equities suffered average depreciation of 4.66 per cent in their portfolios during the first half of this year. This is equal to a net loss of N546.2 billion during the six-month period.
This extended the losing streak at the market over the past 18 months to a net loss of N3 trillion or an average decline of 22.5 per cent.
Benchmark index showed that Nigerian equities traded mostly negative during the period, declining in four of the six months. The market also closed both the first and second quarters on the downside.
The All Share Index (ASI) – the main value-based index that tracks share prices at the Nigerian Stock Exchange (NSE) – closed June 2019 at 29,966.87 points – indicating an average decline of 3.55 per cent, 3.46 per cent and 4.66 per cent for June, the second quarter and half-year.
The ASI had opened 2019 at 31,430.50 points, 17.81 per cent down from its 2018’s opening index of 38,243.19 points. It had, however, rallied a world-leading gain of 42.30 per cent in 2017.
In June alone, the market slumped by 3.55 per cent as investors recorded losses totalling N479bn.
After three consecutive weeks of losses, investors in the stock market gained N50.9bn in the last week of the month, which is also the last week in the first half of the year.