Find out more as Aradel, Oando lead selloff, as stock market extends losing streak

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The Nigerian equities market extended its losing streak on Thursday as profit-taking continued across major stocksThe decline was driven by sell-offs in Aradel Holdings, Oando, Transcorp, banking stocks, and othersAnalysts attributed continued profit-taking by investors following the strong rally recorded earlier in the year

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) All-Share Index (ASI) fell by 0.64% on Thursday, dropping 1,493.71 points to close at 233,580.83 points from 235,074.54 points recorded in the previous session.

The decline reduced the total market capitalisation by N958.5 billion, bringing investor wealth down to N149.89 trillion.

Aradel, Oando lead market selloff as Nigerian equities lose N958.5 billion Photo: Bloomberg
Source: Getty Images

The latest drop extended the market’s correction phase, as cautious investor sentiment and portfolio rebalancing continued to weigh on trading activities.

The market’s year-to-date return also slipped