Massive sell pressure rocked the equities listed on the Nigerian Stock Exchange, NSE, as the market hit a new 3-year low of N8.087 trillion with a loss of N1.209 trillion in a week.
Index movement that the NSE All-Share Index and market capitalization slid by 13 per cent to close the week at 23,514.04 basis points and N8.087 trillion respectively.
Likewise, all other Indices finished lower during the week, with the exception of the NSE Alternative Securities Market Index that chalked up by 0.07 per cent to close at 1,204.49 points.
According to 2016 outlook of CardinalStone Research, local intervention, exchange rate stability and NSE market initiatives will primarily influence equity market performance in 2016.
The financial firm’s believed that increased local retail and institutional participation will be a key determinant of market recovery in 2016.
It further opined that the recovery of the equities market in 2016 will depend on increased local participation by both retail and institutional investors (pension fund managers etc).