NSE index drops by 3.88% in bearish trading

Transactions on the Nigerian Stock Exchange on Thursday for the second consecutive day ended on a bearish note, with the index dropping by 3.88 per cent.
The News Agency of Nigeria reports that the index lost 1,508.81 points to close at 37,406.73 from the 38,915.54 posted on Wednesday as a result of price depreciation.
Similarly, the market capitalisation declined by N485 billion or 3.88 per cent to close at N12.02 trillion from the previous N12.50 trillion.
NAN reports that Nestle, for the second consecutive day, topped the losers table, losing N37.05 to close at N962.95 per share.
Nigerian Breweries followed with a loss of N12.50 to close at N157.50, while Guinness lost N10 to close at N270 per share.
Lafarge Cement Wapco dipped by N9.80 to close at N88.20, while Total dropped N9.38 to close at N160.62 per share.
On the other hand, MRS led the gainers chart, gaining N1.10 to close at N17.80 per share.
Presco rose by N1 to close at N35, while 7UP gained 50k to close at N53 per share.
Paint Company advanced by 15k to close at N1.84, while Neimeth rose by 11k to close at N1.76 per share.
In all, a total of 447.61 million shares worth N5.81 billion were traded in 7,689 deals against the 803.39 million shares valued at N8.53 billion traded in 9,220 deals on Wednesday.
Fidelity Bank was the toast of investors, trading 57.44 million shares worth N976.34 million.
Access Bank sold a total of 28.76 million shares valued at N316.41 million, while Transcorp accounted for 27.94 million shares worth N33.43 million.