Trading on the Nigerian Stock Exchange (NSE) on Thursday remained on downward trend for the third consecutive days as a result of sell pressure.
The market indices dropped by 0.05 per cent with the market capitalisation dropping by N6 billion to close at N11.421 trillion compared with N11.427 trillion posted on Wednesday.
Also, the NSE All-Share Index lost 17.92 points or 0.05 per cent to close at 33,460.50 from 33,478.42 points recorded on Wednesday.
Mr Olaleye Williams, the Managing Director, GlobalView Consult & Investment Ltd., attributed the development to Federal Government’s delay in releasing its economic blueprint.
Williams said that uncertainties surrounding policy direction of the new government was the major challenge of the market which led to the waiting game.
He said that “ministerial list of executive officers is now overdue with the new Federal executive yet to be inaugurated.”
Williams said that there was the need for government to urgently address the issue in the interest of the economy.
Mobil Oil led the price gainers’ table, growing by N2.99 to close at N150.99 per share.
National Salt garnered 57k to close at N8.60, while Forte Oil appreciated by 51k to close at N179.80 per share.
Dangote Cement grew by 50k to close at N175.50, while Ecobank Transnational Incorporated rose by 33k to close at N22.50 per share.
On the contrary, Seplat topped the price losers’ chart, shedding N14.20 to close at N315.80 per share.
Cadbury trailed with a loss of N1.99 to close at N37.91, while Total declined by 89k to close at N159.10 per share.
Oando and Guinness lost 59k and 57k, respectively to close at N15.90 and N174.23 per share.
Further review of the transactions showed that investors’ traded 215.82 million shares worth N7.51 billion in 3713 deals.
This was against the 204.99 million shares valued at N7.40 billion executed in 3,700 deals on Wednesday.
ETI was the most active in volume terms, exchanging 41.57 million shares worth N934.04 million in 88 deals.
UBA followed with 27.39 million shares valued at N142.34 million achieved in 90 deals, while Zenith Bank sold 15.22 million shares worth N296.92 million in 331 deals.
GT Bank accounted for 11.18 million shares valued at N301.63 million exchanged in 320 deals, while Seplat traded 10.85 million shares worth N3.26 billion in 34 deals.
