NGX Market Capitalization Drops ₦719 Billion on October 28

On October 28, the Nigerian Exchange Limited (NGX) saw a significant retreat in its market performance. The market capitalization decreased by ₦719 billion, falling from ₦164.913 trillion at the opening to ₦164.194 trillion at the close of trading.

The All-Share Index (ASI) also declined by 1,107.28 points, or 0.44 percent, moving from 253,990.06 to 252,882.78 points. This downturn reversed part of the gains made in the previous session, where the market had added ₦1.753 trillion in capitalization and the benchmark index had advanced by 1.07 percent.

The performance on Wednesday was characterized by continued weakness in market breadth, with 26 equities appreciating in price while 30 recorded losses. Although the difference between gainers and decliners was relatively narrow, the negative balance indicated sustained selling pressure across selected stocks.