Blue chips drop price on NSE


Dealers at the Nigeria Stock ExchangeSome blue chips on the Nigerian Stock Exchange (NSE) recorded further price depreciation on Wednesday as a result of profit taking by investors.
The News Agency of Nigeria (NAN) reports that Forte Oil topped the price losers’ chart, dropping N9.35 to close at N253.65 per share.
UACN trailed with a loss of N1.52 to close at N29.07, while Flour Mill depreciated by N1.08 to close at N21.60 per share.
GTBank went down by N1.05 to close at N23.04, while Cadbury dipped by N1 to close at N21.90 per share.
The All-Share Index lost 189.52 points to close at 30,141.06 against 30,330.58 recorded on Tuesday.
Also, the market capitalisation dipped by N65 billion or 0.62 per cent to close at N10.358 trillion from N10.423 trillion achieved on Tuesday.
On the other hand, Seplat led the gainers’ table with N4.46 to close at N230 per share.
Glaxosmith followed with a gain of N1.76 to close at N36.96, while Dangote Cement grew by 50k to close at N167 per share.
Unity Bank also gained 12k to close at N1.54, while Nascon appreciated by 10k to close at N7.10 per share.
In all, investors staked N3.36 billion on 262.23 million shares in 3,027 deals in contrast to the 300.52 million shares worth N3.048 billion traded in 3,112 deals on Tuesday.
The Financial Service Sector sustained its leading position as the toast of investors with 178.72 million shares worth N2.26 billion in 1,215 deals.
The Banking sub-sector drove activities in the sector accounting for 162.86 million shares valued N2.22 billion achieved in 926 deals. …Read More

Source:: PM Newspaper