Nigerian equity market drops further by 0.89%


The market indices of the Nigerian Stock Exchange (NSE) on Tuesday, dropped further by 0.89 per cent due to persistent sell pressure embarked by some investors.
The All-Share Index lost 264.99 points or 0.89 per cent to close at 29,575.24 against 29,840.23 recorded on Monday.
Also, the market capitalisation which opened at N10.248 trillion shed N91 billion or 0.89 per cent to close at N10.157 trillion.
NAN reports that the downturn was strongly boosted by price depreciation recorded in a good number of large capitalised stocks, Total, Guinness, GT Bank, Nigerian Breweries and Flour Mills.
Total topped the laggards’ chart, dropping by N10 to close at N190 per share.
Nestle trailed with a loss of N5.01 to close at N849.99, while Nigeria Breweries lost by N4 to close at N140 per share.
Guinness declined by N3.50 to close at N106.40 and Guaranty Trust Bank dropped by 68k to close at N22.32 per share.
On the other hand, Seplat led the gainers’ table growing by N8.40 to close at N340 per share.
Julius Berger followed with a gain of N2.31 to close at N48.51, while Forte Oil gained N1 to close at N191 per share.
Okomu Oil appreciated by 99k to close at N32 and Union Dicon garnered 75k to close at N15.75 per share.
NAN also reports that a total of 255.25 million shares valued at N3.30 billion were exchanged by investors in 4,812 deals.
This was in contrast with 375.21 million shares worth N4.03 billion traded by investors in 4,229 deals on Monday.
Transcorp drove the volume of shares traded, accounting for 43.77 million shares worth N79.43 million.
GT Bank followed with 42.78 million shares valued at N961.10 million, while FBN Holdings traded 25.69 million shares worth N100.62 million.
Zenith Bank came fourth with a turnover of 25.24 million shares valued at N396.22 million and United Bank for Africa traded 22.95 million shares worth N108.35 million.

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