The Nigerian Stock Exchange (NGX) experienced a significant market downturn, with a loss of N931 billion in market capitalization.
This decline was driven by losses in major stocks such as Dangote Cement and Universal Insurance, which fell by 10% each. The All-Share Index also dropped by 1.47%, or 1,526.14 points, closing at 102,095.95.
The market’s total capitalization fell to N62.257 trillion from N63.188 trillion. The Year-To-Date (YTD) return also decreased by 0.81%. The sell-offs were attributed to inflation concerns and other economic factors.
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