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Blue chips’ loss drags down market value by N2bn

By Michael Eboh
The bearish trend on the Nigerian Stock Exchange (NSE‘) continued Wednesday, as losses on the share prices of blue chip companies dragged down the value of listed equities by N1.99 billion.

In particular, equities’ value, represented by the market capitalisation and All-share index both dipped by 0.04 per cent each. The index shed 8.45 basis points to close at 21,204.51 points from 21,212.96 points at which it opened while the capitalisation closed at N5.002 trillion from N5.004 trillion at which it opened.

The NSE 30 index, comprising major blue chip companies dipped by 0.9 percent, from 825.12 points at which it opened to 824.35 points.

Flour Mills Nigeria Plc recorded the most share price loss, dropping by N1.88 per share to close at N55.12 per share, followed by Seven-Up Bottling Company Plc with a loss of N1.45 to close at N27.55 per share and Ecobank Nigeria Plc dipped by N0.83 to close at N15.96 per share.

Other shares price losers include: Nestle Nigeria Plc N0.59, UAC Nigeria Plc N0.50, Eterna Oil and Gas Plc N0.48, Portland Paints and Products  Plc N0.33, National Salt Company of Nigeria Plc N0.24, Vitafoam Nigeria Plc N0.22, Diamond Bank Plc N0.20 among others.

On the contrary Flour Mill Nigeria Plc recorded the highest share price gain, rising by N1.50 to close at N33.00 per share, GTBank Plc followed with a gain of N0.76 to close at N16.15 per share and Julius Berger Nigeria Plc garnered N0.50 to close at N28.50 per share.

Other share price gainers include: Dangote Sugar Refinery Plc N0.31, Union Bank Nigeria Plc N0.27, Dangote Flour Mills Plc N0.23, Zenith Bank Plc N0.17, First Bank of Nigeria Plc N0.15, Skye Bank Plc N0.14, Benue Cement Company Plc N0.10 among others.

Equity trading dropped by 3.77 per cent, as a turnover of 311.4 million shares valued at N2.93 billion was recorded in 5,653 deals, in contrast to the previous day’s turnover of 323.61 million shares valued at N3.42 billion in 6,839 deals.

The Banking sub-sector recorded the highest transaction in the sectorial analysis, accounting for 70.24 per cent of the market turnover, with 218.72 million shares valued at N2.11 billion in 3,298 deals. United Bank for Africa Plc emerged the most active in the sub-sector, trading 59.4 million shares valued at N691.94 million in 258 deals, followed by First Bank of Nigeria Plc with the exchange of 58.9 million shares valued at N810.64 million in 834 deals and GTBank Plc recorded 18.42 million shares valued at N294.62 million in 497 deals.

The Insurance sub-sector followed on the sectorial analysis, accounting for 11.04 per cent of the market turnover with 34.38 million shares valued at N32.07 million in 365 deals. AIICO Insurance Plc enjoyed the most patronage in the sub-sector, trading 17.81 million shares valued at N15.95 million in 177 deals, Cornerstone Insurance Company Plc followed with the exchange of 3.22 million shares valued at N1.65 million in 20 deals and International Energy Insurance Plc recorded 2.52 million shares valued at N1.55 million in 32 deals.


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