The Nigerian Exchange (NGX) records a sharp reversal as investors register major portfolio losses and the market slips after a period of gains. On Tuesday, the market capitalisation falls from about N160.421 trillion to N159.255 trillion, with the All-Share Index down by roughly 1,806 points to close at 246,723.57, according to Daily Post Nigeria.
However, other outlets report a more mixed picture across days, highlighting that buying and selling alternate. Punch says the NGX gains around N650bn on Tuesday, driven by buying in financial and energy stocks, taking market capitalisation to about N158.40tn. Legit.ng attributes the broader downward moves to profit-taking, reporting that losers outnumber gainers and the market capitalisation declines by about N260bn in one session, while another report says investors lose about N1.166tn amid widespread selling pressures.
Legit.ng also notes stronger performance on other days, including an all-time high and a winning streak with market capitalisation rising and the All-Share Index gaining on Wednesday and Thursday, and a weekly gain of 2.78% to market capitalisation near N162.16tn. Across the coverage, Daily Post Nigeria adds that losses accumulate over multiple trading sessions, including declines totaling about N2.93tn across two days and about N3.8tn over four sessions, with one account linking the broader slump to a NGX management visit to President Bola Ahmed Tinubu.
