Further losses by blue chip stocks drag NSE index down

By Bamidele Ogunwusi  / Lagos


Continued share price depreciations suffered by many blue chip stocks, yesterday, further depressed the corporate performance indicators of the Nigerian Stock Exchange (NSE) by 0.48 percent, thus strengthening the hold of the bears on the equities sector.

The blue chip companies are Seplat Petroleum Development Company, Nestle Nigeria and Guinness Nigeria.

At the close of transactions yesterday, the All-share index closed lower at 34,317.72 points, down from 34,485.72 points on recorded at the weekend, while market capitalisation dropped by N88.174 billion from N11.751 trillion to N11.663 trillion.

In volume terms, a total of 200.966 million shares worth N2.196 billion changed hands yesterday, compared to 429.103 million shares valued at N4.145 billion exchanged the previous trading day.

On the day’s price movement chart, Guinness Nigeria Plc led 37 other companies to suffer price depreciation, losing 245 kobo to close at N127.50 per share, followed by Nigerian Breweries Plc with 203 kobo to close at N50.00 per share, while Flour Mills of Nigeria Plc lost 180 kobo to close at N36.20 per share.

Similarly, building materials’ Lafarge Cement WAPCO led 18 others on the gainers table when it appreciated by 410 kobo to close at N93.50 per share, followed by petroleum marketer, Mobil Nigeria, which added 295 kobo to close at N155.00 per share, Cadbury Nigeria grabbed 200 kobo to close at N42.00 per share, Nigerian Breweries nicked 100 kobo to close at N152.00 per share, while Guaranty Trust Bank gained 52 kobo to close at N28.63 per share, among others.

On the other hand, Seplat Petroleum Development Company led 26 others on the decliners’ table when it depreciated by N19.90 per share, followed by food-products diversified major player, Nestle Nigeria, which dropped N15.50 per share, breweries’ Guinness Nigeria lost 796 kobo to close at N160.04 per share, Total Nigeria slipped by 695 kobo to close at N155.50 per share, while PZ Cussons decreased by 138 kobo to close at N29.85 per share, among others.

The financial services sector accounted for a total of 138.119 million shares, valued at N1.086 billion in 2,323 transactions as against 351.644 million shares, valued at N2.282 billion in 2,657 transactions recorded on Friday.

A review of activities in the financial services sector showed that the volume of activities in the sector was buoyed by 94.786 million shares of banks’ stocks worth N887.968 billion as against 200.808 million shares, valued at N1.814 billion in 1,814 transactions recorded at the weekend.

Source : Independent

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