The Nigerian stock market yesterday closed bearish with a loss of N47 billion, driven by profit-taking activities in Dangote Cement Plc and 20 others.
In summary, the All-Share Index (ASI) declined by 85.80 absolute points, representing a decrease of 0.16 per cent to close at 52,615.51 points. Similarly, the overall market capitalisation value lost N47 billion to close at N28.658 trillion.
The market loss was driven by price depreciation in large and medium capitalised stocks amongst which are; Dangote Cement, Dangote Sugar Refinery, Lafarge Africa, Geregu Power and Nigerian Exchange Group (NGXGroup).
Looking forward, United Capital Plc said: “our broad-based expectation for the equities market is bright in Q1, 2023. However, we note that there might be pockets of bearish sentiments across the market as investors book profits from extended rallies.”
