Trading on the shares of Sterling Bank Plc, Zenith Bank Plc, United Bank for Africa Plc, and FBN Holdings Plc helped to boost the volume of shares exchange yesterday at the Nigerian Stock Exchange (NSE).

At the close of trading, the equities market witnessed further downward movement as investors sold more shares preparatory to the public holidays spending.

Out of 292,992,955 shares valued at N2.417 billion exchanged in 5,278 deals on the floors of the Exchange yesterday, Sterling Bank accounted for 68,825,611 shares valued at N189.846 million; while 27,284,773 of AIICO Insurance plc worth N25.462 million were traded.

Also, 22,333,713 shares of Zenith Bank worth N471.457 million were exchanged by dealers on the bourse. Dealers also traded 20,660,528 shares of United Bank for Africa worth N177.852 million; while 16,494,863 shares of FBN Holdings worth N281.191 million were traded.

At the close of transactions on Customs Street yesterday, the NSE All Share Index (ASI) dropped from 38,227.63 points to 38,038.78 points; while market capitalisation also declined to N12.106 trillion.

“Market outlook reveals sustained pessimistic trading pattern, particularly towards big capped stocks as the key benchmark indices plunge further despite improved patronage and market breadth. We advise investors to seize this opportunity to take positions in key value stocks,” said analysts at Proshare.

Julius Berger Nigeria plc was the biggest gainer on the bourse after its share price rose from N72 to N77.40, adding N5.40. Champion Breweries plc rose from N13.31 to N14.64, adding N1.33; followed by Beta Glass plc which rallied from N11.99 to N13.18, after adding N1.19. Conoil plc followed after its share price rose from N32.01 to N33, adding N0.99; while Red Star Express plc appreciated from N4.45 to N4.80, adding N0.35.

On the loser chart, Guinness Nigeria plc dipped most after its share price declined from N252.50 to N250.03, losing N2.47; while Cadbury Nigeria plc declined from N53.90 to N52.19, after losing N1.71. Dangote Cement was another big loser after its share price declined from N195 to N194, shedding N1; while Nigerian Breweries plc dipped  from N176 to N175, also losing N1. PZ Cussons plc share declined from N45 to N44.05, losing N0.95.