The Nigerian equity market on Wednesday dropped further by 2.72 per cent due to sell pressure embarked by some investors.
The All-Share Index lost 752.93 points or 2.72 per cent to close at 26,910.23 against 27,663.16 achieved on Tuesday.
Also, the market capitalisation shed N258 billion or 2.72 per cent to close at N9.242 trillion compared with N9.500 trillion posted on Tuesday.
Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., attributed the development to profit booking embarked by some fund managers.
Omordion said that the trend would likely continue unless there was improved liquidity in the system with the release of funds for 2016 budget implementation.
Nigerian Breweries topped the losers’ chart, dropping by N6.70 to close at N99.11 per share.
It was trailed by Guinness with N5.21 to close at N99.11 and Lafarge Africa dipped N3.17 to close at N73.40 per share.
GT Bank shed N1.88 to close at N17.65 and MRS declined by N1.82 to close at N34.71 per share.
On the other hand, Cadbury led the gainers’ table growing by N1.52 to close at N18.37 per share.
Okomuoil followed with a gain of N1.03 to close at N30.05, while Union Dicon Salt appreciated by 59k to close at N12.46 per share.
Etranzact increased by 52k to close at N5.88 and UAC Property grew by 20k to close at N4.22 per share.
In spite of the drop posted by the market indices, the volume of shares traded closed higher with an exchange of 352.29 million shares valued at N3.85 billion transacted in 5,024 deals.
This was in contrast with a total of 335.06 million shares worth N3.15 billion traded in 4,301 deals on Tuesday.
Zenith Bank drove the turnover, exchanging 56.73 million shares valued at N770.38 million.
GT Bank followed with 39.46 million shares worth N696.59 million, while Transcorp traded 30.47 million shares valued at N37.24 million.
FBN Holdings sold 28.34 million shares worth N106.64 million and Ecobank Transnational Incorporated traded 27.65 million shares valued at N493.44 million.
