Nigerian equities declined for the second consecutive trading session yesterday as investors stepped up profit-taking amidst concerns that global equities slowdown may negatively impact the domestic market.
Most advanced and emerging global markets have witnessed contractions in recent days.
With nearly three losers for every gainer, the benchmark index at the Nigerian Stock Exchange (NSE) showed average decline of 0.87 per cent yesterday, equivalent to net capital loss of N138 billion. Nigerian equities had lost N135 billion on Monday.
The sustained decline moderated the average year-to-date return to 14.73 per cent, which also reflected the market-wide decline in returns across sectors.
