The Nigerian Stock Exchange is now among some of the worst performing stocks globally.
This is according to data compiled by Bloomberg.
The bourse had been listed as one of the top five best-performing stocks globally at the end of 2017 by S&P Dow Jones Indices.
At the end of 2017, the Nigerian Stock Exchange grew by 43%, a feat S&P Dow Jones Indices said was influenced by high oil prices, exit from recession and improved forex availability.
At the close of trading on Thursday, market capitalisation fell to N11.6 trillion from the N16 trillion recorded in January.
All-Share Index, which rose to 44,885.24 basis point in January, also fell to 32.022.23.
In local currency terms, data showed that the Nigerian Stock Exchange is the worst performing stock globally.
However, the market has performed better than the Shanghai Composite, Brazil Stock Exchange and Argentina’s Buenos Aires Stock Exchange in dollar terms.
The NSE recorded its biggest daily trading day loss in eight months on Wednesday, September 12.
Johnson Chukwu, the managing director, Cowry Asset Management Limited, attributed the decline to weak and negative market sentiments saying shareholders’ decision to hold or sell are influenced by market performance.
Aliko Dangote, Africa’s richest man and former chief executive officer of the NSE, had said the market had the capacity to experience double growth.
“The market has just started and I won’t be surprised if by the end of the year I see the Nigerian Stock Exchange going another 50, 60 percent this year alone. It is possible,” he said.