Nigerian Stock Market Loses N648bn Amid Banking Selloff

On Wednesday, the Nigerian stock market continued its downward trend, with the Nigerian Exchange Limited (NGX) reporting a loss of N648 billion in investors' wealth due to sustained selloffs in banking and other major stocks. The NGX All-Share Index decreased by 0.41%, closing at 246,980.17 points, down from 247,984.55 points the previous day.

This decline brought the market's year-to-date return to 58.71%, with total market capitalization dropping to N159.34 trillion. The market breadth was negative, with 45 stocks losing value compared to 23 gainers.

Notable losers included Legend Internet Plc and Cornerstone Insurance Plc, while Lasaco Assurance Plc and NEM Insurance Plc were among the gainers. The Banking Index saw the largest decline at 1.37%, followed by the Industrial Index at 0.68%.

Despite the bearish performance, analysts believe the overall market outlook remains positive, although profit-taking may hinder short-term recovery as investors await half-year earnings releases.