Stocks drop by N6bn at equities market

Negative sentiments continued on the nation’s bourse on Wednesday with the market capitlisation dropping further by N6 billion following sell pressure of some blue chips.

Specifically, the market capitalisation lost N6bn or 0.03 percent to close at N20.210 trillion compared with N20.216tr achieved on Tuesday.

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In the same vein, the All-Share Index dipped 11.12 points or 0.03 percent to close at 38,791.03 from 38,802.15 recorded on Tuesday.

This is the second time the stocks dropped in one week after it had gained significantly for five straight days during the period under review.

The month-to-date gain stood at 2.3 percent, while the year-to-date loss remained flat at 3.7 percent on Wednesday.

The negative performance of the market was driven by price depreciation in large and medium capitalised stocks amongst which are; Eterna, Zenith Bank, Vitafoam Nigeria, Pharma-Deko Plc and United Bank for Africa.

Analysts at Afrinvest Ltd. predicted that the sell pressure would persist as investors adjusted their holdings in the light of the new policy of the Central Bank of Nigeria halting supply of forex to Bureau De Change operators. (NAN)