Nigeria’s equities market turned bearish as profit-taking ended a recent run of gains, according to Leadership. The benchmark index fell and about N1.878 trillion was erased from market capitalisation in a broad-based selloff. Only four stocks closed higher during the session, while declines dominated other counters, halting the prior bullish momentum and reducing overall market value.

The Nigerian equities market closed lower on Tuesday as investors engaged in a fresh round of selling, according to Leadership newspaper. The benchmark All-Share Index fell by 2,897.67 points, or 1.17 per cent, to end the session at 244,802.11 points. Total market capitalisation also declined, shedding N1.878 trillion to close at N158.722 trillion, reflecting the bearish trading performance recorded across the exchange during the day.

In June, the Nigerian stock market experienced significant losses, with investors losing N13.3 trillion in value on the Nigerian Exchange Limited (NGX), marking the highest monthly loss recorded in the first half of the year. This decline is attributed to profit-taking activities among investors. Additionally, FTSE Russell has delayed Nigeria's Frontier Market status due to concerns regarding the T+1 settlement system, according to Vanguard Business.

The Nigerian stock market reversed its recent positive momentum as profit-taking by investors wiped N1.9 trillion off market capitalisation in a single trading session, according to ThisDay Live. The downturn was broad-based, with only four stocks recording gains. The decline halted a run of positive performance recorded in prior trading days, the report said.

Nigeria's equities market recorded a sharp sell-off on Tuesday, with losses in banking and insurance stocks wiping N1.88 trillion from investors' wealth, according to Tribune Online. The Nigerian Exchange Limited All-Share Index fell 1.17 per cent to close at 244,802.11 points, down from the previous session. Despite the decline, the benchmark index retained a year-to-date return of 57.31 per cent, reflecting strong overall performance in the market so far this year.

The Nigerian stock market experienced a decline of 1.21% last week as investors opted to take profits, despite an increase in trading activity. Financial services stocks were the primary contributors to this downturn, with ten companies leading the decliners, according to Legit.ng.