Stock investors lose N1trn in July amid banks’ capital raising

Investors in the Nigerian stock market saw the value of their holdings fall by N1.05 trillion in July amid banks’ issuance of additional shares to meet the new capital base set by the Central Bank of Nigeria.

The market capitalisation of equities dropped to N55.55 trillion on Wednesday from N56.6 trillion at the end of June, data compiled by Markets Reporters shows.

The benchmark stock index fell by 2.28 percent to close at 97,774.22 basis points.

Several banks, including Guaranty Trust Holding Company and Access Holdings, are already in the market luring investors to buy their stocks.