The stock market of the Nigerian Exchange Limited has depreciated by N2.27trillion in market capitalisation to N24.182trillion in the first three weeks of October 2022, following investors’ profit-taking in Airtel Africa Plc.Consequently, the NGX All-Share Index dropped by 9.4 per cent in its Month-till-Date performance to 44,396.73 basis points from 49,024.16 basis points the stock market opened for trading in October.
Speaking with THISDAY, the Chief Executive Officer, Wyoming Capital and Partners, Mr. Tajudeen Olayinka attributed the decline in market performance so far in October 2022 to economic headwinds and Airtel Africa’s price correction. “For those who may wish to invest on a long-term basis, the future starts today. For those who may wish to speculate for short-term benefits, they’ll need to exercise caution, as the downside risk is not completely out yet. On a balance of probability, however, prices appear good and reasonable for long-term horizon.”