The Nigerian Exchange Limited (NGX) market capitalization dropped by N238 billion after a two-day Christmas holiday.

The market commenced trading activities on Wednesday after observing the public holidays declared by the federal government to celebrate Christmas and Boxing Day celebrations.

The All-Share Index declined by 455.75 basis points to close at 41, 807.10 basis points.

The overall market capitalisation value also lost N238 billion to close at N21.822 trillion.

The market loss was driven by price depreciation in large and medium capitalised stocks such as – BUA cement, MTN Nigeria Communications (MTNN), PZ Cussons Nigeria, May & Baker Nigeria and Ecobank Transnational Incorporated (ETI)

The United Capital Plc however noted that portfolio managers typically conduct year-end rebalancing activities while attempts are made to close the year in a positive portfolio return.

Therefore, it anticipates some mild buying interest in the week, noting that it expects the buying activities to outweigh selling pressures.

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