Heavyweight stocks trigger $2.4bln Nigerian Exchange Limited market loss
Zawya · Staff Writer ·
Sectoral performance also reinforced the negative market direction, as all major indices closed in the red. The Industrial Goods Index recorded the steepest decline of 7.14 per cent
Nigerian equities market shed N3.28 trillion in market capitalisation on Thursday as intensified sell-offs in heavyweight stocks, particularly in the industrial sector, drove the Nigerian Exchange Limited (NGX) All-Share Index down by 1.98 per cent.
The benchmark index declined to close at 249,710.59 points, moderating its year-to-date return to 60.47 per cent, while market capitalisation fell to N162.13 trillion, reflecting renewed profit-taking and sustained selling pressure in major stocks.
Market sentiment remained firmly bearish, with 36 stocks recording losses against 20 gainers, translating to a negative market breadth of 0.6 times. Dangote Cement Plc, Presco Plc and Wapic Insurance Plc led the decliners, reflecting the broad-based weakness that characterised trading.