Profit-Taking Frenzy Erodes N478.7bn from NGX in One Day
The Nigerian Exchange faced a sharp sell-off this week, shedding N478.7 billion in market capitalisation in a single session. Combined with Monday’s losses, the two-day retreat totals N2.29 trillion. Months of aggressive buying had pushed equity valuations to record levels. Large institutional investors then moved to lock in gains, triggering a cascade of sell orders across multiple sectors. This sudden reversal highlights the market’s volatility and the risks of chasing historic highs. Analysts say a correction was overdue after extended rallies drove prices beyond underlying fundamentals.
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