Nigerian Stock Market Retreats Amid Broad-Based Sell-Off

The Nigerian stock market witnessed a retreat with a significant sell-off across key sectors, leading to a decline in market capitalization from N96.970 trillion to N95.664 trillion. The ASI dropped from 152,629.61 points to 150,573.87 points, indicating a 2.055.74 point downturn.

The market saw 16 gainers and 46 losers, reflecting a negative market breadth. Notable gainers included NCR, while top decliners included Dangote Cement (NGX: DANGCEM) and Champion Breweries (NGX: CHAMPION).

Analysts suggest a cautious approach due to prevailing bearish sentiment and advise monitoring blue-chip performance for potential market support.