Equities market reverses gains, as broad selloffs erase ₦648bn investors fund

The Nigerian equities market reversed its recent gains during midweek trading on Wednesday, as widespread sell-offs across major sectors wiped out ₦648 billion in investor wealth.

The market downturn was driven by broad-based profit-taking, ending a bullish run and dragging down both the All-Share Index (ASI) and total market capitalization.

Market operators noted that the pullback reflected heightened investor caution and portfolio rebalancing following earlier price appreciations across high- and medium-cap stocks.

Despite the volatility on the trading floor, relative calm persisted in the foreign exchange market.

The Bureau De Change (BDC) rate closed flat at ₦1,410 per US dollar, maintaining stability amid balanced demand and supply dynamics in the parallel market.

Financial analysts attribute the equity market’s contraction to temporary profit-taking by institutional investors seeking to lock in gains.