EQUITIES MARKET SHEDS N32BN AS SELLOFFS END RALLY

The Nigerian equities market experienced a sharp reversal as profit-taking triggered widespread selloffs, wiping N32 billion off market capitalisation and ending a prolonged rally.

Heavy selling pressure in heavyweight stocks across banking, industrial goods, and consumer sectors drove the decline, with the NGX All-Share Index dropping as investors locked in gains from earlier strong performances.

Analysts attribute the correction to portfolio rebalancing, dividend adjustments, and caution ahead of corporate earnings releases. Despite the daily loss, the market maintains positive year-to-date returns supported by macroeconomic improvements.

Trading volume and value reflected heightened activity as bargain hunters emerged in select counters, though overall sentiment remained cautious. Market watchers expect volatility to persist in the near term amid global and domestic factors.

The development underscores the market’s sensitivity to profit-taking after extended gains, while underlying fundamentals continue to support long-term optimism