Investors on the Nigerian Stock Exchange (NSE), on Wednesday, lost N426 billion in about six hours of trading after the market capitalisation which opened at N21.715 trillion closed at N21.289 trillion due to massive profit-taking.
Similarly, the All-Share Index dipped 814.15 points or 1.96 per cent to close at 40,696.01 from 41,510.16 recorded on Tuesday.
The market loss was driven by price depreciation in large and medium-capitalised stocks amongst which were; Fidson, Chemical & Allied Products, Regency Alliance Insurance, Sovereign Trust Insurance and Sunu Assurance.
Mr Ambrose Omorodion, Chief Operating Officer, InvestData Ltd., attributed the persistent lull to profit-taking and sell pressure, ahead of earnings season.
He added that mixed unaudited full year results released so far by the NSE contributed to the development.
“For discerning investors, these pullbacks have created an opportunity to position ahead of earnings expectations,” Omorodion said.
Market breadth remained negative with 37 laggards and 13 gainers.