Stock market drops by N124bn as sell pressure persists

The stock market closed on Thursday on a negative note as market capitalisation decreased by N124 billion or 0.47 per cent to close at N26.533 trillion from N26.657 trillion on Wednesday.

The All-Share Index (ASI) also dropped by 231.57 points or 0.47 per cent to close at 49,190.34 from 49,421.91 recorded on Wednesday.

Market breadth closed negative as 13 stocks declined, while 10 advanced.

Trans-Nationwide Express led the gainers with 8.70 per cent to close 75k per share.

This was followed by NEM Insurance with 2.67 per cent to close at N5.39 per share, while Cutix gained by 2.50 per cent to close at N2.05 per share.

Also, Academy Press appreciated by 2.41 per cent to close at N1.70

per share and International Breweries rose by 2.020 per cent to close at N5.05 per share.

On the other hand, Conerstone was last with a decline of 10 per cent to close at 54k per share.

Multiverse Mining and Exploration followed with 9.96 per cent to close at N2.82 per share.

Cadbury Nigeria fell by 9.62 per cent to close at N2.82, while BUA Cement declined by 6.18 per cent to close N50.10 per share.

Also, Guinness Nigeria declined by 5.50 per cent to close at N83 per shares.

NGX Group recorded the highest volume of 30.75 million shares sold at N553.54 million.

Zenith Bank followed with N24.39 million shares traded at N488.01 million.

Fidelity Bank transacted 13.84 million shares worth N50.66, while FBN Holdings sold 11.03 million shares valued at N110.81.

Access Holdings sold 8.23 million shares worth N68.21 million.

A total of 126.84 million shares valued at N1.78 billion were exchanged in 3,117 deals compared with a total of 51.88 million shares valued at N590.01 billion exchanged in 2.981 deals on Wednesday.