Nov 21, 2008 03:33
The Nigerian Stock Exchange NSE basic indicators cascaded faster on Wednesday, in what seemed a desperate determination by edgy investors to reach the exit door, thereby making some gains before every profit available would be taken up. In the process, several stocks prices caved in under pressure from the obviously tensed trading environment, led by the major blue-chips. At the close of trading, equities capitalisation lost N256.26 billion, just as the All-Share-Index fell by a significant 1,161.18 basis points or 3.06 per cent to 36,703.98 points. Mid-week's decline brought cumulative loss since Monday to N290.08 billion and 1,314.46 points or 3.45 per cent respectively. The decline is much in line with earlier warning by analysts that the recent rebound presents an irresistible opportunity for profit takers speculators to swoop in soon. The ensuing bandwagon effects may not be unconnected with the fact that no one knows when the meltdown will
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