The domestic bourse posted its third consecutive loss on Wednesday, as widespread profit-taking activity completely wiped N2.28trn off the equities market capitalisation.
The persistent bearish run pulled key performance indicators lower, driven heavily by price depreciation in large and medium-capitalised stocks.
The All-Share Index shed 3,736.05 points, representing a 1.51 per cent decline to close at 243,132.61 points. This downturn dragged the year-to-date return down to 56.24 per cent. Similarly, the market capitalisation of listed equities depreciated to close at N155.94trn.
Market analysts attributed the sharp contraction to profit-taking in premium equities, including MTN Nigeria Communications, Lafarge Africa, Nigerian Exchange Group, FBN Holdings, Nigerian Breweries, and Zichis Agro Allied Industry.
Reviewing the market outlook, analysts at Cowry Assets Management Limited noted that investor sentiment remained weak under the current sell-offs. The firm said, “The market is expected to sustain its bearish tone as continued profit-taking activity weighs on investor sentiment.”
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