This post was originally published on this site.
The Nigerian stock market slumped for a second day running, undoing more of this week’s gainsInvestors were locked in profit-taking in banking, consumer goods, industrial and other key sectorsSustained selling in stocks like Cadbury Nigeria, Africa Prudential and other shares pulled the market down
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.–
The Nigerian Exchange (NGX) posted losses again on Thursday, June 18, with investors continuing to harvest profits from the market’s recent rally.
Data from the Exchange showed that the All-Share Index (ASI) declined by 3,397.80 points from 240,802.72 points to 237,404.92 points, while market capitalisation dropped by N2.179 trillion from N154.445 trillion to N152.266 trillion.
Market capitalisation drops sharply on the Nigerian Exchange Photo: FreepickSource: Getty Images
The market’s negative performance was reflected in its breadth, with 39 stocks recording losses compared with 15 gainers, indicating
