The Nigerian Exchange (NGX) reversed its previous session's recovery on Wednesday, with broad-based profit-taking across major counters wiping out approximately N648 billion in market capitalization.
The decline marks a continuation of the selling pressure that has gripped the market, following a N1.32 trillion loss the prior day and N1.315 trillion in losses on Monday.
13 trillion, signaling a significant correction in the local equity market.
The renewed sell-off reflects persistent risk aversion among investors, who have been booking profits across industrial goods, banking, and consumer stocks.
The cumulative effect of these three sessions has pushed total market capitalization down to N155.13 trillion, signaling a significant correction in the local equity market.
This episode of volatility underscores the fragility of the recent rally, as traders appear unwilling to hold positions amid broader economic uncertainties.
The concentration of losses in key sectors such as banking and consumer goods suggests that institutional investors are rebalancing portfolios away from domestic equities.