Nigeria Equity Market Slumps Further Amid Increased Pressures To Sell More Stocks

 The market indices of the Nigerian Stock Exchange (NSE) on Tuesday, slumped further amid persistent pressures by some investors to sell their stocks.

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, while market capitalisation, which opened at N10.248 trillion shed N91 billion, or 0.89 per cent to close at N10.157 trillion.

A total of 255.25 million shares valued at N3.30 billion were exchanged by investors in 4,812 deals.

This contrasted with 375.21 million shares worth N4.03 billion traded by investors in 4,229 deals on Monday.

Market analysts said the drop was strongly boosted by price depreciation recorded in most large capitalised stocks, Total, Guinness, GT Bank, Nigerian Breweries and Flour Mills.

Total Oil recorded the biggest loss, dropping about N10 per share to close at N190 per share, followed by Nestle Nigeria with a loss of N5.01 to close at N849.99, while Nigeria Breweries lost 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 Petroleum gained recorded the most gain adding about N8.40 per share to close at N340 per share, while Julius Berger followed with a gain of N2.31 to close at N48.51, with Forte Oil gaining 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.

Transcorp drove the volume of shares traded, accounting for 43.77 million shares worth N79.43 million, followed by GT Bank 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.

Credit:NAN