The overall market position usually plays a trick on many investors. A blend of several movements and dynamics, when the overall market position is up, there is the euphoria of a generally rising market and when it is down, there is a discouraging feeling of decline. This is illustrative of the general sense of the benchmark indices. But there are always differing returns based on several segmentations and portfolio composition.
Benchmark indices at the Nigerian equities market indicated net loss of about N2.8 trillion in October 2022. This implied average loss of 10.58 per cent during the month. The decline in October shaved the average year-to-date return from 14.77 per cent by September 2022 to 2.6 per cent in October 2022. Nigerian equities, which had closed the third quarter ended September 2022 with net capital gain of about N3.3 trillion for the nine-month period, was left with net gain of about N580 billion by the end of the 10th month.
The All Share Index (ASI)- the common value-based index that tracks all share prices at the Nigerian Exchange (NGX) declined by 10.58 per cent to close October at 43,839.08 points as against 49,024.16 points recorded at the beginning of the month. Also, aggregate market capitalisation of all quoted equities dropped from its month’s opening value of N26.451 trillion to close October 2022 at N23.878 trillion, a face value loss of N2.57 trillion but a real adjusted loss of N2.797 trillion. The difference between the ASI and aggregate market value was due mainly to the listing by introduction of Geregu Power Plc, which led to primary increase in number and value of outstanding shares at the Exchange.
The ASI had opened 2022 at 42,716.44 points as against 40,270.72 points recorded as opening index for 2021. Aggregate market value of all quoted equities had also opened this year at N22.297 trillion.
