Stock Market Sheds N133bn As Sell Pressure Weighs High

Sell pressure continued to impact on the performance of Nigerian equities as the value of listed equities decreased by N133 billion after trading on the floor of Nigerian Stock Exchange (NSE), yesterday.

The market capitalisation dropped to N12.970 billion from a high of N13.103 billion recorded the preceding trading day.

The NSE All Share Index (ASI) dipped by 1.02 per cent or 403.24 points to close at 39,278.47, from the 39,681.71 achieved on Tuesday. The development caused the NSE ASI’s year-to-date return to decline to -4.96 per cent.

Nestle recorded the highest price loss of N20, to close at N980 per share. Total trailed with a loss of N3.34 to close at N172.16, while Nigerian Breweries dipped by N3 to close at N171 per share.

Glaxosmith lost N2 to close at N58, while Cadbury depreciated by N1.50 to close at N52.50 per share.

On the other hand, Forte Oil led the gainers’ chart by N9, to close at N218 per share as it released its third quarter result on NSE. Zenith Bank gained 72 kobo to close at N22.10, while International Breweries grew by 47 kobo to close at N31.47 per share.

Source : Leadership

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