Equities Slide Further As Sell Pressure Persists On NSE | Independent Newspapers Limited
Newsletter subscribe


Equities Slide Further As Sell Pressure Persists On NSE

Posted: May 7, 2015 at 5:45 am   /   by   /   comments (0)

By Bamidele Ogunwusi, Lagos


Equities slid further on the floor of The Nigerian Stock Exchange (NSE)  on Wednesday as persistent sell-offs drove the market further south when key market indicators, the All-Share Index and Market Capitalisation, declined by 0.50 percent each.

The All Share Index went down by 173.3 basis points or 0.50 percent to close at 34,427.12 points as against 34,600.42 points recorded on Tuesday even as market capitalisation shed N58.851 billion to close at N11.7 trillion compared with N11.750 trillion recorded the previous day.

The Loss in the market was mostly driven by sell pressure mostly observed in large-cap counters like Forte Oil which lost 3.4 percent, Oando which dropped 3.2 percent; Flourmills shed 2.9 percent, Nigerian Breweries dipped by 2.6 percent while Dangote Cement went down by 0.3 percent, among others.

In line with the bearish market mood, most sectors all closed south as low demand for counters persists. While the financial services sector closed flat, the Oil and Gas sector returned a loss of 1.3 percent on the back of depreciation in Forte Oil and Oando.

The Consumer Goods sector was likewise pulled back by losses in PZ Cussons,  Flourmills, and Nigerian Breweries, while decline in Lafarge Cement WAPCO  and Dangote Cement also dragged the Industrial Goods sector to return  by 0.2 percent.