Nigeria's equity market slides as NGX index falls 1.65% to 232,049 points

The Nigerian Exchange (NGX) All‑Share Index dropped 1.65% to close at 232,049 points, while total market capitalisation slid to roughly N148.9 trillion, erasing about N2.4 trillion in investor wealth. The decline was driven by broad profit‑taking, especially in oil & gas and insurance stocks, with Aradel Holdings leading losses, falling around 10%‑19% for the week.

Market breadth turned sharply negative, with only 13 gainers against 37 decliners and a year‑to‑date return slipping below 50% for the first time since April. Trading volume fell by over 1% to 2.324 billion shares worth N134.5 billion, and the financial services sector continued to dominate turnover, accounting for roughly two‑thirds of activity. Despite the overall weakness, a few banking and consumer‑goods stocks posted modest gains, but the overall sentiment remained bearish.