NSE: Market indices drop to 31,864 points over renewed selling pressure

The Nigerian Stock Exchange market indices further dropped on Thursday to 31,864 points over renewed pressure to sell by investors.

The All-Share Index on dipped by 244.12 points or 0.76 percent to close at 31,864.80 compared to 32,108.92 points on Wednesday.

The market capitalization also suffered a setback by shedding N89 billion or 0.76 percent to close at N11.633 trillion as against the N11.722 trillion on Wednesday.

Thursday’s price movement indicated that International Breweries led the losers’ table by shedding N3.35
to close at N30.20 per share.

Guaranty Trust Bank followed with a loss of N2.40 to close at N34, while Mobil Oil dropped N1 to close at N150 per share. Zenith Bank lost 75k to close at N23.30, just as UACN share went down by 50k to close at N9.50 per share.

Read also: Nigeria to become world’s biggest importer of rice after China- USDA

On the gainers table, Nestle led gaining N50 to close at N1, 500 per share while Nigerian Breweries followed with a gain of 50k to close at N83.

The Cement Company of Northern Nigeria added 50k to close at N18.50 per share, Union Bank gained 20k to close at N5.05, while Eco Bank Transnational Incorporated advanced by 5k to close at N15.75 per share.

Despite the drop in market indices, the volume of shares traded rose by 52.34 percent as investors staked N2.45 billion on 349.25 million shares
transacted in 2,595 deals.

This was in contrast with a turnover of 229.26 million shares valued at N2.49 billion achieved in 2,726 deals on
Wednesday.

Diamond Bank topped as the most active stock, exchanging 208.68 million shares worth N185.36 million while FCMB Group followed with an account of 34.68 million shares valued at N53.83 million. Stanbic IBTC exchanged 15.09 million shares worth N724.72 million.

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