Sell pressure: Capital market All-Share Index drops by 1%

Transactions on the Nigerian Stock Exchange (NSE) ended on a bearish trend on Wednesday as the All-Share Index dropped by one per cent due to sell pressure.
The index lost 389.99 points or one per cent to close at 38,534.64, compared with 38,924.63 achieved on Tuesday.
Also, the market capitalisation, which opened at N13.556 trillion, shed N136 billion or one per cent to close at N13.420 trillion following price depreciation.
Nigerian Breweries topped the losers’ chart for the day, shedding N3.67 to close at N139.65 per share.
Presco trailed with a loss of N3.41 to close at N65, while Lafarge Africa shed N2 to close at N45 per share.
GT Bank was down by N2 to close at N39.90m while Dangote Cement dropped N1.12 to close at N239.88 per share.
On the other hand, Nestle led the gainers’ table with N2.40 to close at N1,462.50 per share.
Mobil followed with a gain of N1.50 to close at 170, while Guinness appreciated by N1.15 to close at N95.20 per share.
Ecobank Transnational gained 69k to close at N17.95, while Dangote Flour increased by 59k to close at N12.59 per share.
The banking stocks maintained its leadership as the most traded with Sterling Bank leading activity chart with a turnover of 43.62 million shares worth N43.52 million.
The Diamond Bank followed with an account of 36.96 million shares valued at N55.49 million, while FBN Holdings traded 33.03 million shares worth N303.22 million.
GT Bank transacted 30.81 million shares valued at N1.25 billion, while UBA exchanged 26.29 million shares worth N275.15 million.
In all, a turnover of 323.95 million shares valued at N4.40 billion were traded by investors in 5,168 deals.
This was against 462.67 million shares worth N26.81 billion transacted in 5,090 deals on Tuesday.