Stock market reverses rally as investors lose N1.3trn in one week

… Despite N11.1trn July gain

By Peter Egwuatu

Nigeria’s stock market reversed course last week as widespread profit-taking erased N1.261 trillion from investors’ portfolios, ending the week in negative territory after a sustained rally.

The decline followed renewed selling pressure across major banking, industrial and consumer goods stocks as investors cashed in on the strong gains recorded in recent weeks.

Data from the Nigerian Exchange Limited (NGX) showed that market capitalisation fell by N1.261 trillion to close at N158.326 trillion, compared with N159.587 trillion in the preceding week.