NGX Investors Lose N2.39tn Amid Profit-Taking Sell-Off

On Tuesday, the Nigerian Exchange (NGX) faced a significant setback as profit-taking triggered a sell-off, resulting in a loss of N2.39 trillion in market capitalization. The NGX share index fell by 1.63%, closing at 225,690.07 points, down from 229,419.18 points in the previous trading session.

The market capitalization decreased from N147.22 trillion to N144.82 trillion. Major stocks contributing to this decline included Aradel Holdings Plc, which plunged by 10.0%, and Dangote Cement Plc, which fell by 7.5%.

Other notable losers were Transnational Corporation Plc, Neimeth International Pharmaceuticals Plc, and McNichols Plc. Despite the overall market decline, some stocks like Austin Laz Company Plc and Guinea Insurance Plc recorded gains.

The trading volume dropped significantly, with total trades declining to 488.12 million shares, down from 966.66 million shares in the previous session. Analysts expect continued pressure on the market in the near term due to ongoing profit-taking, although some investors may engage in bargain hunting.