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NSE market indices maintain free fall amid sell pressure

by Business News Report

The market indices of the Nigerian Stock Exchange (NSE) depreciated further by 0.42 per cent  on Friday due to massive sell pressure. The market capitalisation returned to N11 trillion mark, dropping N51 billion or 0.42 per cent to close at N11.97 trillion from the N12.02 trillion declared on Thursday. Similarly, the All-Share Index, which opened at 37,406.73, dipped by 156.8 points or 0.42 per cent to close at 37,249.93.

PZ Cussons recorded the highest price loss of N3.26 to close at N45 per share. UAC Property followed, losing N1.40 to close at N14.60, while UACN lost N1.01 to close at N57 per share. Ashaka Cement declined by N1 to close at N26, while Cement Company of Northern Nigeria (CCNN) lost 77k to close at N10.75 per share. Market analysts attributed the persistent decline to massive sell off as a result of profit taking and reallocation of funds to fixed income securities where yields assumed upward trend in the last few days.

Conversely, Nestle topped the gainers’ table with a gain of N12.05 to close at N975 per share. Total gained N4.38 to close at N165, while Okomu Oil Palm appreciated by N2.08 to close at N49 per share. Guinness grew by N1.50 to close at N271, while Port Paint gained 36k to close at N3.96 per share. Transcorp emerged the most traded equity, accounting for 385.99 million shares worth N431.12 million. FBN Holdings trailed with a total of 37.11 million shares valued at N669.69 million, while FCMB exchanged 35.79 million shares worth N178.53 million.

Fidelity Bank sold 34.95 million shares valued at N109.22 million. In all, the volume of shares traded increased by 67.74 per cent as investors staked N4.89 billion on 750.82 million shares in 7,430 deals. This was  against the  447.61 million shares worth N5.81 billion exchanged in 7,689 deals on Thursday.

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