Stock Market Sheds $30billion To Crude Oil Slide

The Nigerian Stock Exchange, NSE Boss,Oscar Onyema has said that the capital market lost over 30 billion dollars in market capitalization to global crude oil slide.

Onyema, who spoke at the NSE 2015 Market Recap and 2016 Outlook on Thursday in Lagos, said that the amount was lost between June 2014 when the slide started and now.

He said that other factors that contributed to the loss apart from the persistent oil fall were volatile foreign exchange, currency slide, macro-economic concerns and political risk.

Onyema said that 2015 was uneasy for the global economy expected to have grown at 3.1 per cent against 3.4 per cent in 2014.

He listed the three biggest contributors to the global slowdown as normalisation of monetary policy by the U.S. Federal Reserve; slump in commodity prices and slowdown in China.

He said the global economy is poised for moderate economic growth in 2016.

Onyema said that emerging markets witnessed recession amid weakening oil and other commodity prices.

He said the nation’s economy grew by four per cent in 2015 in spite of weak emerging market growth rates, coupled with domestic security challenges, declining oil prices and volatile currency trend.