NGX reverses gains, as investors lose N598.8bn

The Nigerian equities market reversed its previous gains as investors lost N598.8 billion at the close of trading, driven by sell-offs across key market sectors.

This is as the Nigerian Exchange Limited All-Share Index (NGXASI) fell by 0.38% to reflect the broader market downturn.

Despite the losses recorded in the stock market, the parallel foreign exchange market showed resilience as the Bureau De Change (BDC) rate appreciated to N1,410/$1.

Market analysts attribute the market contraction to profit-taking by short-term investors alongside broader macroeconomic adjustments.

However, trading activity remained active as market participants positioned themselves across defensive assets and undervalued stocks ahead of upcoming corporate earnings releases.