Nigerian Equities Shed N5.64trn In 5-Day Selloff

Profit taking dominated the domestic stock market this week with the All-Share Index closing lower in all five trading sessions as investors locked in gains across select large capitalized stocks.

The All-Share Index (ASI) shed 3.59 per cent to close the week at 235,941.27 points, while market capitalisation depreciated by N5.643 trillion to close at N151,327 trillion.

Speaking on market performance, the MD/CEO of Globalview Capital Limited, Aruna Kebira said “typically, by June, we see a market slowdown. The fourth quarter results, which are reported in February, March, and April, tend to set the tone, with dividends following shortly after.”

He explained that the market dyna...