Nigeria’s stock market plummets: N663bn wiped off in value amidst sustained sell pressure

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The Nigerian Exchange continued its downward trend on Wednesday, with equities investors losing approximately N663 billion in market value due to sustained sell pressure. The market capitalization of listed equities dropped to N89.6 trillion from N90.3 trillion recorded in the previous session.

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The All-Share Index declined by 1,047.19 points, or 0.73%, to settle at 141,566.28 points. Market activity slowed, with investors trading 721,787,362 shares valued at N12.93 billion in 28,728 deals. A total of 129 equities participated in trading, with 18 gainers and 51 losers.

Austin Laz & Company led the gainers with a 10% appreciation to close at N2.64 per share. However, Conoil emerged as the worst performer, shedding 9.98% to close at N211.10 per share.

Market watchers attributed the sustained bearish trend to profit-taking by investors after recent rallies and uncertainties in the broader economy. Financial analyst Olaid Baanu explained that the bearish performance was not unexpected, given the sustained rally witnessed between May and July.

“We have seen the rally for a while, like in May, June and July, and we recorded some gains, especially in high-cap stocks. It is expected that, for the health of the market, prices should drop so we can see more opportunities. We expect the profit-taking,” he said.

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