Nigerian Equities Market Declines by 2.9% Amid Investor Profit-Taking

The Nigerian equities market witnessed a 2.9% decline as investors booked profits, leading to a decrease in key market indicators across sectors. The Nigerian Stock Exchange (NGX) All-Share Index and market capitalization depreciated by 2.99% and 2.89%, respectively.

The total turnover was 3.575 billion shares worth N107.011 billion, with the financial services and industrial sectors leading in trading activities. Despite the overall market decline, a few stocks recorded strong gains, while others faced losses.

Market analysts attribute the bearish tone to cautious investor sentiment amid persistent inflationary pressures and expected monetary tightening.