By George Omagbemi
The Nigerian stock market has lost ₦1.9 trillion in market value as investors intensified profit-taking following a strong bullish run on the Nigerian Exchange Limited (NGX).
The latest decline reversed the positive momentum recorded in the preceding week, when investors gained about ₦3.73 trillion from the market.
The sell-off was broad-based, with major stocks coming under pressure as investors moved to lock in gains from recent price increases.
The NGX All-Share Index declined by 1.17 per cent, closing at 244,802.11 points, while total market capitalisation fell to about ₦158.72 trillion.
Market analysts attributed the development partly to profit-taking and investor repositioning ahead of the planned Dangote Petroleum Refinery Initial Public Offering (IPO).
The development comes shortly after the market recorded significant gains, reflecting the volatility that can accompany periods of strong equity-market rallies.
Analysts expect cautious trading to continue as investors assess opportunities in the market while positioning for the upcoming IPO.
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