A pronounced bearish wave gripped the Nigerian equities market during the final trading sessions of September, as aggressive profit-taking across two consecutive days wiped out ₦894.36 billion in investor wealth.
The downturn began on Tuesday when the NGX All-Share Index (ASI) dropped by 721.91 points (0.29%), closing at 251,913.20 points and stripping ₦468.63 billion off total equity valuation. The selling pressure intensified into Wednesday, forcing the benchmark index down an additional 0.28% to settle at 251,211.67 points. Consequently, the total market capitalisation contracted from its week-opening high of ₦163.99 trillion to close the month at ₦163.10 trillion, tracking a single-day loss of ₦425.73 billion on Wednesday alone.
Market analysts attributed the contraction to severe sell-offs in heavyweight blue-chip stocks, with tier-one commercial banks and telecommunications giants absorbing the heaviest liquidation pressure from investors locking in short-term gains.
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