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Blue chips’ loss deflates NSE market value by N4bn

By Michael Eboh
Driven by losses on the prices of blue chips stocks on the Nigerian Stock Exchange (NSE), Wednesday, the bullish run witnessed in the market since the beginning of the week was halted, Wednesday, as the value of listed equities dipped by N3.75 billion.

The market capitalisation and All-share index, representing equities’ value both dropped by 0.07 per cent each. The capitalisation which opened at N5.543 trillion closed at N5.540 trillion while the index shed 15.59 basis points to close at 23,003.57 points from 23,019.16 points at which it opened.

The decline was occasioned by losses on major blue chip companies, leading to a drop in all the major sectorial indices. The NSE 30 index shed 0.02 per cent to close at 922.37 points, the NSE Banking index dropped by 0.31 per cent to close at 381.48 points, NSE Food/Beverage index depreciated by 0.03 per cent to close at 630.16 points. The NSE Insurance index lost 0.76 per cent to close at 195.78 points while the NSE Oil/Gas index shed 0.98 per cent to close at 304.26 points.

Mobil Oil Nigeria Plc recorded the most share price loss, dropping by N4.51 to close at N93.00 per share, African Petroleum Plc followed with a loss of N2.17 to close at N41.25 per share, while Chemical and Allied Products Plc Plc shed N1.48 to close at N28.26 per share.

Others in the price losers’ category include: Cadbury Nigeria Plc N0.50, United Bank for Africa Plc N0.34, Ecobank Nigeria Plc N0.30, Zenith Bank Plc N0.27, Dangote Flour Mills Plc N0.22, Prestige Assurance Plc N0.18, Nigerian Breweries Plc N0.15 among others.

Conversely, Conoil Plc recorded the most share price gain, rising by N1.88 to close at N39.54 per share, Benue Cement Company Plc followed with a gain of N0.49 to close at N50.50 per share and Honeywell Flour Mills Plc garnered N0.40 to close at N8.53 per share.

Other share price gainers include: Stanbic IBTC Bank Plc N0.39, Eterna Oil and Gas Plc N0.28, Presco Plc N0.25, Skye Bank Plc N0.25, Berger Paints Plc N0.17, RT. Briscoe Plc N0.16, DN Meyer Nigeria Plc N0.14 among others.

However, the volume of shares traded appreciated slightly by 11.69 per cent, as investors exchanged 331.9 million shares valued at N2.93 billion in 6,649 deals. This was in contrast to the previous day’s turnover of 297.17 million shares valued at N2.05 billion in 7,349 deals.

The Banking sub-sector dominated the other sub-sectors, accounting for 60.6 per cent of the market turnover, with 201.12 million shares valued at N2.3 billion in 3,414 deals. Zenith Bank Plc recorded the most transaction in the sub-sector, trading 85.42 million shares valued at N1.34 billion in 251 deals, GTBank Plc followed with the exchange of 15.62 million shares valued at N285.5 million in 460 deals and Fidelity Bank Plc recorded 15.2 million shares valued at N39.58 million in 146 deals.

The Insurance sub-sector followed on the sectorial analysis, accounting for 14.35 per cent of the market turnover, with 47.63 million shares valued at N40.16 million in 512 deals. Standard Alliance Insurance Plc dominated trading in the sub-sector, with 12.28 million shares valued at N6.34 million in 53 deals.

AIICO Insurance Plc followed with the exchange of 7.32 million shares valued at N7.71 million in 116 deals and Lasaco Assurance Plc recorded 6.58 million shares valued at N3.31 million in 53 deals.


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