The Nigerian stock market closed lower for the third consecutive week, as continued profit-taking in blue-chip stocks erased ₦1.8 trillion from investors’ wealth.
Although the market remained in negative territory, the latest decline was smaller than previous weeks, following losses of ₦5.6 trillion three weeks ago and ₦2.4 trillion the week after.
Analysts attribute the sustained sell-off to an ongoing market correction across key sectors as investors continue to take profits.
The Nigerian Exchange Limited (NGX) market capitalisation fell from ₦148.905 trillion to ₦147.102 trillion, while the NGX All-Share Index dropped by 1.2 per cent to close at 229,240.34 points, down from 232,049.02 points.
Major decliners included MTN Nigeria, Dangote Cement, Aradel, Lafarge Africa (WAPCO), Zenith Bank and GTCO, whose losses weighed heavily on overall market performance.
