Nigerian market loses 479 bn naira as profit-taking persists

The Nigerian equities market extended its recent decline on Tuesday, shedding approximately 479 billion naira in market capitalization as investors continued to take profits following a sharp selloff at the start of the week. Over two consecutive trading sessions, the market has lost a combined total of about 2.29 trillion naira.

Tuesday's trading saw the benchmark All-Share Index fall by 874 points, or 0.35 percent, closing at 246,686.66 points. Market breadth was negative, with 37 declining stocks outnumbering 14 gainers. The market's year-to-date return moderated to approximately 58.5 percent.

The downturn follows a significant drop on Monday, the first trading day of June, when the market lost roughly 1.81 trillion naira. Analysts have attributed the sustained bearish performance to widespread profit-taking by investors seeking to lock in gains after a prolonged rally. The selloff has coincided with the commencement of a new T+1 settlement cycle, a market reform aimed at improving trading efficiency.

Leading the decliners on Tuesday were PZ Cussons Nigeria and Computer Warehouse Group, each dropping 10 percent. Associated Bus Company, Wema Bank, and Sovereign Trust Insurance...