Sell pressure persists on NSE

The bears continued to dominate trading activities on the Nigerian Stock Exchange (NSE) with the All-Share Index dropping to 34,000 mark, barely five days it moved to 35,000 mark.
The index shed 457.70 points or 1.30 per cent on Thursday to close at 34,617.12 against 35,074.82 on Wednesday.
The market has maintained downward trend for seventh consecutive weeks with losers’ out weighing the gainers’.
Market operators were of the opinion that the downward trend would persist until after the primary elections of the political parties.
Also, the market capitalisation shed N167 billion or 1.30 per cent to close at N12.638 trillion in contrast with N12.805 trillion achieved on Wednesday.
An analysis of the price movement chart showed that 29 stocks recorded price depreciation, while 17 stocks posted price appreciation.
Dangote Cement, one of the blue chips on NSE led the losers’ table with a loss of N8 to close at N206 per share.
Total trailed with a loss of N7 to close at N183, while United Bank for Africa decreased by 55k to close at N8.35 per share.
Air Services was down by 45k to close at N4.05, while NASCON dipped 30k to close at N20 per share.
On the other hand, Okomu Oil recorded the highest gain, leading the gainers’ table with N1.45 to close at N74.55 per share.
Oando followed with a gain of 40k to close at N4.95, while Guaranty Trust Bank appreciated by 30k to closed at N38.05 per share.
Portland Paint added 22k to close at N2.47, while Mansard Insurance increased by 15k to close at N2.53 per share.
United Bank for Africa the most active stock, trading 36.50 million shares worth N319.44 million.
Guaranty Trust Bank followed with an account of 23.46 million shares valued at N893.37 million, while FBN Holdings traded 20.99 million shares worth N203.29 million.
Zenith international Bank exchanged 17.35 million shares valued at N398.38 million, while International Breweries sold 13.12 million shares worth N461.83 million.
In all, investors bought and sold 237.81 million shares valued at N3.09 billion in 3,162, an increase of 13.49 per cent.
This was in contrast with a total of 209.54 million shares worth N2.90 billion achieved in 4,044 deals.