The Chief Executive Officer of The Nigerian Stock Exchange, Mr. Oscar Onyema, disclosed on Thursday that capital market has lost in total of $30billion following dwindling global oil prices.
Mr. Onyema while address journalists at the 2015 market performance and 2016 outlook in Lagos explained that the nation’s capital market is not operate isolation as 60 per cent foreign investors dominate the market.
Global Oil prices have tumbled to $25.76 a barrel on Tuesday as a result of rising US energy stockpiles and China’s weakening currency.
For US oil, that was its lowest point since touching $32.40 in December 2008 during the global financial crisis.
Huge profit-taking has continued to drag the equities market, which is now below 25,000.00 basis points as at January 13, 2016.
Most listed multinational companies and banks share that rely heavily on oil revenues have been suffering as a result.