Home Business News Blue chip firms trigger equities market slump by 0.12%

Blue chip firms trigger equities market slump by 0.12%


Equities trading on the floor of Nigerian Stock Exchange (NSE) closed negative today with losses recorded by highly capitalized stocks such as Flour Mills Plc, Dangote Cement Plc and Guaranty Trust Bank Plc largely contributed to 0.12 percent decline in the overall trading for the day.

The All Share Index (ASI) lost 50.96 absolute points, representing -0.12 percent to close at 40,763.93 basis points as against 40,814.89 points or -0.14% depreciation recorded previously. The market capitalization also dipped marginally by N2 billion to close at N14.72 trillion from N14.74 trillion on Friday.

Its Year-to-Date (YTD) returns currently stands at +6.59 percent.

In specific terms, Flourmill Plc emerged the biggest loser at the close of trading for the day. The company lost N1.65, representing 4.69 percent to close at N33.55 per share.

Manufacturing giant, Dangote Cement Plc came second on the losers’ table with N1.5 or 0.60 percent decline in its share price. From the opening value of N249.5, it closed trading at N248 per share, while Guaranty Trust Bank Plc, trailed with 95 kobo value erosion. The lender closed the day with N43.9 from N44.85 per share.

However, Westafrica Portland Cement Company (WAPCO) shed 85 kobo or 1.91 percent to close at N43.6 as against N44.45 and Dangote Sugar dipped 85 kobo or 3.97 percent to close at N20.55 per share.

Meanwhile, Nigerian Breweries gained investors delight with the share price of the brewer growing by N3.6, representing 2.85 percent to close at N129.7 per share.

Listed on Oil and Gas sector of the stock market, Forte Oil followed with N1.85 value addition to close at N39.3 per share, Glaxosmithkline added N1.7 or 5.61 percent to close at N32 per share, while Stanbic IBTC was up N1.00 or 2.04 percent to close at N56 per share.

FBN Holdings gained six kobo or 4.67 percent to close at N13.45 per share.

Market turnover closed positive as volume moved up by +118.84 percent as against 67.28 percent downtick recorded in the previous session.

In all, investors bought and sold 530 million shares valued at bN7.77 billion exchanged in 4,567 deals.