The Nigerian equities market began the week on a positive note on Monday, as the first trading session of May closed with a gain of N62 billion.
Investors lost N101 billion on Wednesday as sell-offs in key stocks pulled the Nigerian stock market back into negative territory after two days of gains.
Specifically, the market capitalisation closed at N89.198 trillion compared to the opening value of N89.524 trillion.
The NGX market capitalisation, which opened at N59.004 trillion, dropped by N69 billion or 0.12 per cent, closing at N58.935 trillion.
Sell-offs in MTN Nigeria, alongside tier-one banking stocks, on Tuesday shed 0
The Nigerian Exchange Ltd. (NGX) market capitalisation dropped by N671 billion, or per cent, closing at N55.777 trillion, down from N56.448 trillion.
The CBN governor said the decision was in response to the continued inflationary pressures.
The market capitalisation, which began at N55.359 trillion, increased by N294 billion to close at N55.653 trillion.
In the end, more than $700 million investment will be committed to the backwards integration programme,” Mr Dangote said.
The market’s declining performance was driven by sell-offs in telecommunications heavyweights.
