Market capitalization declines by 313 billion due to investors' ongoing profit-taking

The market capitalization fell by 313 billion as investors continued to take profits, extending the equity market's losing trend for a fifth straight session. The All Share Index (ASI), which closed at 54,915.61 points, down by 574.59 absolute points, or 1.04 percent. As a result, investors lost 313 billion dollars in value, and market cap decreased to $29,916 trillion. Losses in medium and large capitalized equities, including Dangote Sugar Refinery, MTN Nigeria Communications (MTNN), Ecobank Transnational Incorporated (ETI), United Capital, and Industrial & Medical Gases Nigeria, had a negative impact on the downturn. "Investors continue to choose safe equities ahead of election worries," analysts at GTI Securities reported.