Bearish sentiments persisted on the Nigerian Stock Exchange (NSE) on Thursday following sell pressure on MTNN, Guaranty Trust Bank and Zenith Bank shares.
Consequently, All-Share Index dropped by 253.13 or 0.63 per cent to 40,212.19 from 40,465.32 achieved on Wednesday.
Accordingly, the month-to-date and year-to-date losses increased to 5.2 per cent and 0.2 per cent, respectively.
Also, the market capitalisation which opened at N21.169 trillion lost N133 billion to close at N21.036 trillion.
The downturn was buoyed by value depreciation in large and medium capitalised stocks amongst which are: University Press, Chams, UPDC Real Estate Investment Trust, Multiverse Mining and Exploration and Japaul Gold.
Analysts at Afrinvest Ltd. expected the market to close the week on a negative note due to sustained losses.
A breakdown of the activity chart shows that 30 stocks recorded price depreciation in contrast with 10 gainers.
University Press led the losers’ chart in percentage terms with 9.09 per cent to close at N1.20 per share.
Chams followed with 8.33 per cent to close at 22k, while UPDC Real Estate Investment Trust shed 7.76 per cent to close at N5.35 per share.
Multiverse Mining and Exploration dropped 7.69 per cent to close at 24k, while Japaul Gold and Ventures shed 5.56 per cent to close at 68k per share.
Conversely, R.T.Briscoe dominated the gainers’ chart in percentage terms, gaining 10 per cent to close at 22k per share.
Cornerstone Insurance followed with 8.47 per cent to close at 64k, while Royal Exchange went up by eight per cent to close at 27k per share.
Nigerian Aviation Handling Company rose by 6.51 per cent to close at N2.29, while Niger Insurance garnered 4.55 per cent to close at 23k per share.
However, the total volume of shares transacted advanced by 74.6 per cent with an exchange of 426.27 million shares valued at N4.75 billion achieved in 4,972 deals.
This was in contrast with a total of 244.20 million shares worth N2.65 billion traded in 4,083 deals on Wednesday.
Transactions in the shares of FBN Holdings topped the activity chart with 129.80 million shares valued at N949.31 million.
Zenith Bank followed with 37.74 million shares worth N912.01 million, while Dangote Sugar Refinery sold 37.13 million shares valued at N688.39 million.
Guaranty Trust Bank traded 35.43 million shares worth N1.08 billion, while Transcorp transacted 28.85 million shares valued at N26.61 million.