Sell pressure: All-Share Index drops further by 0.31%

Sell pressure persisted on the nation’s bourse on Thursday with the market indicators dropping further by 0.31 per cent.

Specifically, the All-Share Index dropped further by 88.12 points or 0.31 per cent to close at 28,546.22 from 28,634.35 on Wednesday.

In the same vein, the market capitalisation dipped N46 billion or 0.31 per cent to close at N14.920 trillion, compared with N14.966 trillion on Wednesday.

The downtrend was impacted by losses recorded in large and medium capitalised stocks, amongst which are; Dangote Cement, Nigerian Breweries, Conoil, BUA Cement and Ardova.

Deap Capital Management and Trust led the losers’ chart in percentage terms, losing 10 per cent to close at 27k per share.

Mutual Benefits Assurance lost 8.70 per cent to close at 21k, while Cornerstone Insurance shed 8.33 per cent to close at 55k per share.

Nigerian Breweries lost 7.07 per cent to close at N48.60, while Conoil shed 5.57 per cent to close at N14.40 per share.

On the other hand, Eterna topped the gainers’ table in percentage, appreciating by 10 per cent to close at N3.30 per share.

Unilever garnered 9.76 per cent to close at N13.50, while Ecobank Transnational rose by 8.57 per cent to close at N4.45 per share.

AXA Mansard gained 7.18 per cent to close at N1.94, while C& I Leasing rose by 5.95 per cent to close at N4.45 per share.

Transactions in the shares of Eterna topped the activity chart with 112.89 million shares valued at N372.53 million.

Zenith Bank traded 74.23 million shares worth N1.51 billion, while Access Bank sold 57.06 million shares valued at N449.16 million.

FBN Holdings traded 44.40 million shares worth N280.99 million, while Fidelity Bank transacted 31.84 million shares valued at N66.66 million.

In all, the volume of shares traded closed lower as investors exchanged 569.38 million shares worth N4.91 billion in 6,101 deals.

This was against a turnover of 832.88 million shares valued at N9.54 billion accounted in 9,180 deals on Wednesday.