Nigerian Stock Market Records First Weekly Loss, Investors Lose ₦300bn

The Nigerian Stock Market experienced a significant setback, causing investors to lose over ₦300 billion. The NGX Index ASI declined, leading to a drop in market capitalization by trillions.

Despite a positive month-to-date return, the year-to-date return was affected. Analysts expressed caution due to market pressures and potential shifts from equities to fixed income.

Notable corporate news included the appointment of a new chairman at First Bank Nigeria Holdings Plc. Otedola, the chairman of Geregu Power, assumed the role, following his acquisition of a significant equity stake.

The market's performance and corporate developments highlighted the ongoing dynamics in Nigeria's financial landscape.