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Nigerian equities lose N109b in October global slump

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Nigerian equities lost N109 billion in October as global equities suffered their worst decline in almost a decade. Key benchmark indices at the Nigerian Stock Exchange (NSE) indicated average decline of 0.92 per cent in October, worsening the average decline so far this year to 15.11 per cent.

The All Share Index (ASI)-Nigeria’s main value-based index that tracks share prices at the Exchange, declined from its month’s opening index of 32,766.37 points to close the month at 32,466.27 points. Aggregate market value of all quoted equities also dropped by N109 billion to close the month at N11.853 trillion as against N11.962 trillion recorded at the beginning of the month.

Global equities suffered massive rout in October amidst escalating trade disputes and diplomatic rows that threatened the global commodities market. From the advanced to emerging markets, stock markets recorded their lowest performance in recent period in October.

A report by CNN indicated that even though markets enjoyed a sweet Halloween rebound yesterday, the Nasdaq was still down by 9.0 per cent in October, on track for its worst month since November 2008.

“A financial nor’easter blew through global stock markets in October,” David Kelly, chief global strategist at JPMorgan Funds, wrote to clients.

The broader S & P 500 was down by 6.5 per cent in October, on pace for its worst month since 2011. And despite the Dow’s 300-point rally yesterday, the index shed 1,200 points, or 5.0 per cent in October, the worst performance since January 2016.

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