Stock Market Down 3.6% As Investors Liquidate Ahead Of Dangote Refinery IPO

Profit-taking and positioning for the Dangote Refinery Initial Public Offering (IPO), pushed the domestic stock market lower last week, with the All-Share Index (ASI) falling for five straight sessions to close down 3.59 per cent at 235,941.27 points on Friday.
Market capitalisation shed N5.643 trillion to finish the week at N151.327 trillion as investors locked in gains across several large-cap stocks.
Market breadth closed negative, with 11 advancers against 78 decliners.
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 Ap...