By Taiye Olayemi
Investors on the Nigerian Exchange Limited (NGX) lost a staggering N1.81 trillion on Monday as widespread profit-taking in blue-chip and mid-cap stocks triggered a sharp market downturn, wiping out gains accumulated in recent sessions.
The bearish performance came on the first trading day of June and coincided with the commencement of the newly introduced T+1 settlement cycle, a major reform aimed at improving efficiency, liquidity and competitiveness in Nigeria’s capital market.
At the close of trading, market capitalisation declined by N1.811 trillion, falling from N160.508 trillion recorded on Friday to N158.697 trillion.
Similarly, the benchmark All-Share Index shed 2,824.81 points, representing a 1.13 per cent decline, to close at 247,560.66 compared to 250,385.47 in the previous session.
The sell-off weakened the market’s year-to-date return to 59.09 per cent, reflecting the impact of intense profit-booking by investors seeking to cash in on recent price rallies.
Market analysts attributed
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