Sell pressure: Index drops below 31,000 mark at stock exchange

Naira notes used to illustrate market trading
Naira notes used to illustrate the story.

Activities on the Nigerian Stock Exchange (NSE) for the fourth consecutive day remained on a bearish trend with the Index returning to 30,000 mark.

The All-Share Index on Thursday returned to 30,000 mark following losses posted by some highly capitalised stocks.

Consequently, the index dipped 155.53 points or 0.50 per cent to close lower at 30,885.31 against 31,040.84 recorded on Wednesday.

Similarly, the market capitalisation which opened at N11.575 trillion shed N58 billion or 0.50 per cent to close at N11.517 trillion.

Cement Company of Northern Nigeria led the gainers’ table, appreciating by N1 to close at N20 per share.

PZ Cussons followed with a gain of 75k to close at N11.25, while Access Bank added 40k to close at N6.90 per share.

Eterna also appreciated by 40k to close at N4.80, while Custodian and Allied increased by 30k to close at N6.30 per share.

On the other hand, Seplat dominated the laggards’ table, shedding N31.60 to close at N550 per share.

Dangote Cement came second with a loss of 65k to close at N36.15, while Guaranty Trust Bank lost 65k to close at N36.15 per share.

Stanbic IBTC was down by 50k to close at N45, while Zenith Bank declined by 20k to close at N22 per share.

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Access Bank Plc was the most active stock during the day, trading 93.47 million shares worth N638.54 million.

Zenith Bank followed with an account of 30.75 million shares valued at N678.71 million, while United Bank for Africa sold 24.59 million shares worth N192.83 million.

FBN Holdings traded 19.84 million shares valued at N162.72 million, while Fidelity Bank exchanged 12.16 million shares worth N28.86 million.

In all, the volume of shares traded rose by 11.79 per cent, while value of shares transacted inched by 12.50 per cent.

Specifically, investors traded 250.03 million shares valued at N2.43 billion exchanged in 3,869 deals.

This was in contrast with 223.66 million shares worth N2.16 billion achieved in 3,419 deals.

(NAN)

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