Tension and panic soared at the stock market on Thursday, April 29,as the deadline for withdrawal of Morgan Stanley Capital International, MSCI, foreign investment index from the Nigerian Stock Exchange, NSE, expires today.
The US-based provider of equity, fixed income, and hedge fund stock market indexes, announced earlier in the month that it was considering yanking off Nigeria from its MSCI Emerging market index.
Though a decision is expected to be announced today, April 29, 2016, reports from the NSE indicated that MSCI authorities may postpone the decision while keeping close watch on the investment climate in Nigeria.
Equity investors in the Nigerian bourse had lost over N174 billion in the first trading day after the announcement of the intention to withdraw, precisely on Monday, April 11, 2016 and this was followed by moderated losses on the second and third days that culminated into a week loss of about N206 billion.
The total volume of investments outstanding as at yesterday was about 177 million shares worth about USD500 million (N100 billion on official exchange rate) in 15 companies.
RT @BizWatchNigeria: Equity Investors Panic as Withdrawal Deadline for N100billion Foreign Investment Expires Today – https://t.co/UTyQIBM9…
Equity Investors Panic as Withdrawal Deadline for N100billion Foreign Investment Expires Today https://t.co/33bkW1Utgz
NEW POST: #EquityInvestors Panic as Withdrawal Deadline for N100billion #ForeignInvestment Expires Today https://t.co/wZ4vZQ0838