NSE market indices drop by 1.15%

Trading activities on Wednesday remained on a negative trend at the Nigeria Stock Exchange as major blue chip equities recorded price losses leading to further depreciation of market indices. The All-Share Index dropped by 303.3 points or 1.15 per cent to close at 26,430.92 as against 26,739.63 posted on Tuesday.

Also, the market capitalisation lost N98 billion, representing 1.15 per cent to close at N8.422 trillion compared with N8.520 trillion due to price losses. Market analysts attributed the development to profit taking by investors to address their important needs.
Nestle led the losers’ chart with a loss of N14.50 to close at N675 followed by the Nigerian Breweries with N8.80 to close at N121.20. CAP lost N1.68 to close at N32.02, Julius Berger dropped by N1.55 to close at N29.45, while Cadbury dipped by 99k to close at N28.

On the other hand, the New Gold ETF topped the gainers’ chart with N8 to close at N26.30 and trailed by Glaxo which gained N1.85k to close at N39.90. Okomuoil and UAC Property gained 49k each to close at N34.50 and N11.80 respectively, while Guinness chalked up 41k to close at N263.41.
In all, turnover of 279.43 billion shares worth N2.27 billion were exchanged by investors in 4,664 deals. This was against a total of 327.63 billion shares valued N3.31 billion traded in 4,639 deals on Tuesday