Sell pressure: All-Share Index drops to 31,000 mark

Renewed sell pressure embarked by investors on the Nigerian Stock Exchange (NSE) took further toll on the market indices, with index dropping to 31,000 mark.
Specifically, the All-Share Index on Thursday nosedived by 244.12 points or 0.76 per cent to close at 31,864.80 against 32,108.92 achieved on Wednesday.
Similarly, the market capitalisation which opened at N11.722 trillion shed N89 billion or 0.76 per cent to close at N11.633 trillion against N11.722 trillion on Wednesday.
An analysis of the price movement indicated that International Breweries led the losers’ table, shedding N3.35 to close at N30.20 per share.
Guaranty Trust Bank trailed with a loss of N2.40 to close at N34, while Mobil Oil dipped N1 to close at N150 per share.
Zenith Bank declined by 75k to close at N23.30, while UACN was down by 50k to close at N9.50 per share.
On the other hand, Nestle led the gainers’ table, increasing by N50 to close at N1, 500 per share.
Nigerian Breweries followed with a gain of 50k to close at N83, while Cement Company of Northern Nigeria added 50k to close at N18.50 per share,
Union Bank grew by 20k to close at N5.05, while Eco Bank Transnational Incorporated advanced by 5k to close at N15.75 per share.
In spite of the drop in market indices, the volume of shares traded rose by 52.34 per cent 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 was the most active stock, exchanging 208.68 million shares worth N185.36 million.
FCMB Group followed with an account of 34.68 million shares valued at N53.83 million, while Stanbic IBTC exchanged 15.09 million shares worth N724.72 million.
United Bank for Africa traded 13.62 million shares valued at N107.31 million, while Guaranty Trust Bank sold 11.93 million shares worth N423.54 million.