Nigerian Stock Market Drops N2.5 Trillion in Three Days

The Nigerian stock market closed lower, recording a loss of N2.5 trillion over three days, with a market capitalization of N154.445 trillion, reflecting a 1.6 percent decline. The downturn was largely attributed to profit-taking activities, particularly in major companies such as Guaranty Trust Holding Company, Zenith Bank, and Dangote Sugar Refinery.

On the previous trading day, the market capitalization depreciated by N758.2 billion, with Zenith Bank PLC among the notable stocks affected. The Nigerian Exchange Limited's All-Share Index (NGX ASI) opened at 244,738.74 basis points but closed at 240,802.72 basis points, marking a significant decline of 1.6 percent.

Analysts from Cordros Securities and Cowry Asset Management indicated that the market outlook remains volatile, with investors balancing profit-taking and selective bargain hunting. Upcoming inflation reports are expected to influence future interest rate decisions, while the overall market direction will be driven by macroeconomic developments and earnings results.