Nigerian Stock Market Losses Hit N2.18 Trillion as Sell-Off Deepens

|By Babatunji Wusu – Nigerian stock market losses climbed to N2.18 trillion on Thursday as investors extended a broad sell-off on the Nigerian Exchange.

Market capitalisation fell by 1.41%, dropping from N154.45 trillion to N152.27 trillion. The decline wiped out N2.18 trillion in value and marked the fourth market downturn this week.

The All-Share Index also shed 3,397.80 points to close at 237,404.92. As a result, the market’s year-to-date return eased to 52.56%.

Furthermore, market sentiment remained weak. Forty stocks declined compared with only 13 gainers. Cadbury, Africa Prudential and Triple Gee led the losers, each falling by 10%.

However, some stocks recorded gains. Legend Internet rose by 9.52%, while NPF Microfinance Bank and Transcorp also advanced.

Meanwhile, trading activity improved. Investors traded 691.64 million shares worth N116.85 billion. FirstHoldco led by volume, while Dangote Cement recorded the highest value of trades.

The latest Nigerian stock market losses underline growing investor caution amid continued market volatility.