The Nigerian equities market opened trading in July on a bearish note as renewed profit-taking in major banking, industrial, oil and gas, and consumer goods stocks led to a sharp decline in share prices.

Trading on the Nigerian Exchange showed that about ₦2.39 trillion was wiped from investors' wealth, with the All-Share Index falling 1.63% to close at 225,690.07 points.

Market capitalisation dropped to ₦144.82 trillion, while the market's year-to-date return declined to 45.03%. Analysts attributed the pullback to investors locking in gains after a strong first-half performance.