Stocks Retreat 0.29% As Broad-based Sell-off Weighs On Market

The Nigerian equities market closed lower on Tuesday, with the NGX All-Share Index (ASI) declining by 0.29 per cent.
The All-Share Index (ASI) lost 653.64 points, representing a decline of 0.29 per cent to close at 251,913.20 points. Also, market capitalization shed N420 billion to close at N163.531 trillion.
The decline reflects profit-taking and cautious investor sentiment following the market’s recent upward momentum.
The downturn was driven by price depreciation in large and medium capitalised stocks amongst which are; Unilever Nigeria, BUA Cement, Guaranty Trust Holding Company (GTCO), Nigerian Exchange Group and May & Baker Nigeria.
Looking ahead, Cowry Assets Management Lim...