TheCable

The Nigerian stock index fell to a more-than-six-month low early on Tuesday, as the stocks record a second day of consecutive loss.

The continuous fall is linked with investors’ worry over the continuous decline in crude prices and a slowdown in China’s economy, leading to sales of frontier market shares.

According to Reuters, the bourse, which has the second-biggest weighting after Kuwait on the MSCI frontier market index, fell 1.95 percent at 1033 GMT to 28,645 points – its lowest since February 18.

Investors sold off shares in relatively liquid consumer goods, oil and banking sectors.

Since the devaluation of the Chinese Yuan, markets around the world have continued plunging deeper and deeper, with a number of corrective measures being put in place by the Chinese.

Asia’s richest man, Wang Jianlin, has lost $13 billion to the Chinese market crash, a whopping $3.6 billion of it alone coming on August 24, dubbed black Monday.

Bill Gates, the world’s richest man, also saw his fortune drop by $3.2 billion, ahead of Facebook’s mark Zuckerberg, who lost $1.7 billion.

The Nigerian stock market closed on Monday, with a market cap of 10,013,269,014,719.85 and an all share index of 29,214.13.