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The Nigerian stock market crashed by 2.35% on Wednesday as heavy sell-offs in major stocks erased market valueThe decline was driven by profit-taking in industrial goods, banking, insurance, consumer goods, and oil & gas stocksBUA Cement, Dangote Cement, and Geregu Power were among the biggest losers, while First Holdco led trading activity
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 stock market extended its decline on Wednesday, falling by 2.35% as major equities suffered heavy sell-offs amid profit-taking by investors.
The downturn was driven by losses in bellwether stocks, including BUA Cement, Dangote Cement, and Geregu Power, which each dropped by 10.00% to close at N340.20, N963.00, and N917.40, respectively.
Profit-taking pressure sends NGX lower despite gains in selected stocks Photo: FreepickSource: Getty Images
Snapshot of market activities
At the close of trading, the market recorded
