Nigeria’s equities market suffered its most severe weekly decline since the June correction, as investors watched N3.8 trillion in market value evaporate over four consecutive trading sessions, wiping out the impressive rally recorded on Monday, August 10.
That Monday surge had lifted the All Share Index to 248.529.75 points, offering a brief respite after weeks of volatility. However, the gains proved short lived, as selling pressure returned immediately and persisted through the remainder of the week.
The four day selloff marked the market’s bloodiest stretch since the brutal correction experienced in June, leaving investors to grapple with significant portfolio losses. With the entire week’s gains erased, the equities market closed the period on a somber note.
By the close of trading on Friday, August 14, the market had surrendered all of the value added at the start of the week. The N3.8 trillion loss serves as a stark reminder of the volatility that continues to define the Nigerian equities market.
