ANNOUCEMENT: Nigerian All Share Index Just Fell To It’s Lowest In 23 Months

• The Nigerian All Share Index fell today by a whopping 2.3% to close at 29,789.59. It closed at 30,492.3 yesterday.
• Market capitalization also lost N231billion to close at N9,834,953,619,664.58
• This will be the first time since January 15, 2013 the All Share Index will be closing below 30,000 points
• It is also the first time since January 22nd 2013 it is closing below N10 trillion in market capitalization. It peaked at N14.2 trillion in July 2014
• This will be the 8th straight day of losses for the All Share Index
• The All Share Index hit a peak of 43,000 on July 16, 2014 and has been on a downward spiral since then
• The current sell-off  began in October and is a combination of the effect of the fall in oil prices, devaluation of the naira, upcoming elections and market sentiments.
• Brent Crude fell below $60 per barrel yesterday, its lowest in 5 years
• No one knows for sure when this sell-off will wane

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