Equity investors lose N4.9trn, as market uptrend reverses

The Nigerian stock market reversed its upward trajectory last week, with investors losing over N4.915 trillion of their investments listed on the Nigerian Exchange Limited (NGX). Market capitalization fell to N155.593 trillion from N160.508 trillion the previous week, and the All Share Index (ASI) shed 3.1% to close at 242,593.31 points. Losses in FirstHoldco (-11.4%), BUA Cement (-10.0%), ARADEL (-9.5%), MTNN (-5.5%), and WAPCO (-3.5%) contributed to dragging the ASI lower. Analysts expect mixed sentiment in the near term but a positive medium-to-long-term outlook.