The Nigerian Exchange (NGX) closed in negative territory on Wednesday, shedding N599 billion in total market capitalization as investors reversed positions taken during the prior session's rally.
The sell-off was broad-based, with major counters leading the decline and erasing the gains accumulated on Tuesday.
This sharp reversal underscores the fragile sentiment in Nigerian equities.
Just one day earlier, the market had posted a modest rebound, lifting capitalization by N482 billion on renewed buying interest.
The rapid swing from green to red illustrates the high degree of short-term volatility currently characterizing the market, where profit-taking quickly overwhelms speculative buying.
The NGX has struggled to maintain upward momentum amid broader macroeconomic headwinds in Nigeria.