Heavy Sell-offs Hit Stock Market, Investors Lose N3.55trn In 2 Days

A sell-off in Nigerian equities has wiped out N3.55 trillion from the market's capitalisation in just two trading sessions, as investors intensified profit-taking and repositioned their portfolios ahead of the highly anticipated Initial Public Offering (IPO) of Dangote Petroleum Refinery & Petrochemicals FZE. The sharp decline has heightened concerns over near-term market volatility as investors prepare to participate in the landmark Dangote Refinery offer. Trading yesterday extended the market's negative run, with the All-Share Index declining by 2,579.01 points, representing a 1.05 per cent loss, to close at 242,223.10 points. The overall market capitalisation fell by N1.672 trillion to close at N157.050 trillion, bringing the total loss over two sessions to N3.55 trillion.

Read More