The Nigerian equities market has entered a sustained correction after a period of remarkable appreciation. The NGX All-Share Index declined by 1.35 per cent in the week ended August 21, closing at 239,351.16 points, reducing its year-to-date gain to 53.81 per cent. Seventeen of the 20 indices tracked by Proshare closed lower, indicating broad-based selling pressure. Market capitalisation had earlier crossed the N160 trillion threshold before retreating sharply, with investors losing about N5 trillion in market value from the August 10 peak.
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