Investors lose ₦1trn, as equities market extends losses

Sell-offs in Zenith Bank and Access Holdings dragged the Nigerian Exchange (NGX) lower, wiping out over ₦1 trillion in market capitalization as bearish sentiment dominated trading activities.

The downturn was driven by profit-taking and portfolio realignments following recent rallies in the banking sector. Investors offloaded shares in major tier-1 lenders, putting severe downward pressure on the main market indices.

Market analysts attributed the decline to shifting investor preferences toward fixed-income yields alongside cautious trading ahead of corporate earnings releases.

Despite the broad market contraction, select mid-cap and defensive stocks recorded modest gains, though insufficient to offset the heavy losses in large-cap financial equities.

Brokers expect trading to remain volatile in the near term as institutional investors realign their portfolios in response to prevailing macroeconomic conditions and money market yields.