Stock market loses N5.6trn as investors sell shares, await Dangote IPO

The Nigerian stock market suffered one of its sharpest weekly declines in recent months as investors dumped equities amid profit-taking activities, preparations for the anticipated Dangote Refinery Initial Public Offering (IPO), and growing capital pressures facing market operators.
Data from the Nigerian Exchange Limited (NGX) showed that the benchmark All-Share Index (ASI) fell by 3.59 per cent over five consecutive trading sessions to close at 235,941.27 points on Friday, while market capitalisation declined by N5.643 trillion to N151.327 trillion. The broad-based selloff left market breadth firmly negative, with 78 decliners against only 11 gainers, reflecting widespread bearish se...