The Nigerian equities market recorded a loss of N1.303 trillion in the first half (H1) of 2021.
Profit-taking, shift to the fixed income (FI) market by local investors due to uptick in yields and low participation by foreign portfolio investors (FPIs) were some of the factors for the negative performance.
In 2020, the market recorded over 50 per cent growth and continued on the same trajectory in January 2021 when it grew by 5.3 percent.
However, in February and March, investors’ interest dropped following sudden upticks in yields in FI, as a result of which the market ended the first quarter (Q1) with a decline of three percent.
Things improved a bit in April when the market closed with a 2.0 per cent growth but took a dip again in May and June, bringing the overall decline in H1 to N1.303 trillion.
The market capitalisation fell from N21.063 trillion at the beginning of the year to close at N19.760 trillion at the end of June, while the Nigerian Exchange (NGX) Limited All-Share Index (ASI) declined from 40,270.72 to 37,907.28.
