Market index drops by 0.13%

The Nigerian Stock Exchange (NSE) All-Share Index fell by 0.13 per cent to close lower at 26,245.34 yesterday as the bears extended their control on the market. The equities remained under sell pressure towards consumer goods and oil and gas counters, leading to a decline of N11.3 billion in market capitalisation to close at N9.03 trillion.

The market had slipped into the bears' territory on Tuesday, depreciating by 0.36 per cent following losses by highly capitalised stocks.

At the close of trading yesterday, the NSE ASI shed 0.13 per cent as stocks such as Forte Oil, Guinness Nigeria, Unilever Nigeria, Nestle Nigeria and Zenith Bank went down in value. A total of stocks shed weight compared with only 12 counters that appreciated. Guinness Nigeria Plc and Portland Paints and Products Nigeria Plc led the price losers with 5.0 per cent apiece to close at N63.65 and N1.71 respectively.

Diamond Bank Plc shed 4.8 per cent, just as Unilever Nigeria Plc and Transcorp Plc declined by 4.2 per cent and 3.3 per cent in that order. United Capital Plc lost 3.1 per cent as investors locked in profits recorded by the stock recently, closing at N3.39 per share.

Other losers were: Neimeth (2.7 per cent); WAPIC Insurance Plc (1.8 per cent); Forte Oil Plc (1.8 per cent), Cadbury Nigeria Plc (1.4 per cent).