Sell pressure: Major equities nosedive on NSE

Major blue chip equities on Wednesday slumped further on the Nigerian Stock Exchange (NSE), with Dangote Cement leading the losers’ chart with N8.53 to close at N162.19 per share.
Guinness trailed with a loss of N1.90 to close at N123, while Nigerian Breweries lost 99k to close at N112.01 per share.
Cadbury shed 98k to close at N18.68, while GlaxoSmithkline lost 66k to close at N36 per share.
Consequently, the All-Share Index lost 528.53 points or 1.92 per cent to close at 27,004.50, as against the 27,533.03 posted on Tuesday.
Similarly, the market capitalisation shed N182 billion or 1.92 per cent to close at N9.284 trillion, against the N9.466 trillion recorded on Tuesday.
On the other hand, Seplat led the gainers’ table, appreciating by N10.35 to close at N217.35 per share.
International Breweries rose by 39k to close at N15.50, while Ikeja Hotels grew by 14k to close at N3.14 per share.
Red Star improved by 10k to close at N4.20, while Access Bank appreciated by 9k to close at N4.91 per share.
The total turnover of shares traded by investors’ closed lower with 240.79 million shares valued at N2.41 billion, exchanged in 3,061 deals.
This was in contrast with a turnover of 485.04 million shares worth N4.45 billion transacted in 2,785 deals on Tuesday.
The banking equities dominated trading at the exchange with Zenith Bank emerging the investors’ delight, accounting for 64.31 million shares valued at N856.04 million.
UBA sold 35.61 million shares worth N133.19 million, while Access Bank traded 26.84 million shares valued at N129.08 million.
FBN Holdings sold 19.89 million shares worth N91.78 million, while GT Bank transacted 18.58 million shares valued at N344.35 million.