The Nigerian Exchange (NGX) recorded its largest monthly decline in history during June, shedding N13.3 trillion in market capitalization.
The historic drawdown underscores the severity of the ongoing correction in Africa’s largest economy, as investor confidence remains fragile amid macroeconomic headwinds.
Despite the overwhelming sell-off, Airtel Africa emerged as a notable bright spot, driving a N652.8 billion gain in trading value.
The telecom giant’s resilience provided a partial counterweight to the broad-based selling that characterized the month, though it was insufficient to halt the overall market deterioration.
This latest monthly collapse extends a prolonged period of weakness for Nigerian equities.
The market has already lost N11 trillion in value from its recent peak, driven by persistent outflows from both domestic and foreign investors.