Sell-offs persist as investors wealth depreciate further by 0.33%

Following sell pressure in most blue chip stocks, transactions on the Nigerian Stock Exchange  (NSE), continued on a downturn yesterday, causing the All-Share Index (ASI) to slip further by 0.33 per cent.
 
At the close of trading yesterday, the ASI dropped 84.91 absolute points, a 0.33 per cent dip to close at 25,497.32 points. Similarly, the overall market capitalisation shed N44 billion to close at N13.302 trillion.
 
The downturn was impacted by losses recorded in large and medium value stocks, including Guaranty Trust Bank, Guinness Nigeria, Zenith Bank, Union Bank of Nigeria (UBN), and Arbico Plc.
 
Capital market analysts noted that the downtrend was supported by value depreciation recorded in share prices of some tier one banks, as investors continue to book profit given the recent increase in their share prices.
   

Japaul Oil & Maritime Services lost 4.76 per cent to close at 20 kobo, and Union Bank slipped 3.92 per cent each to close at N4.90, per share.
   
Also, the total volume traded dipped 1.18 per cent to 251.964 million shares worth N2.044 billion, traded in 4,185 deals. Transactions in the shares of Custodian Investment topped the activity chart with 40.134 million shares valued at N192.654 million.

FBN Holdings (FBNH) followed with 28.243 million shares worth N141.539 million, and Zenith Bank traded 26.045 million shares valued at N444.797 million.
   
Access Bank traded 25.06 million shares at N170.111 million, while Transcorp transacted 19.025 million shares worth N11.206 million.