NSE Index Drops 0.19% as Blue Chip Stocks Crash

Trading on the floor of the Nigerian Stock Exchange, NSE, on Friday, November 12, reversed the brief gains recorded in the previous session after a six consecutive day lull.

To this end, the All Share Index on Friday closed 0.19 percent lower at 26,170.88 points, increasing year to date losses to -8.63 percent.

Market breadth closed with 18 gainers against 19 losers, as major blue chip stocks failed to rally. WAPCO (Lafarge Plc) led the losers for the day by 7.94 percent to close at N48 per share, this was followed by 7up Plc that shed 5 percent to close at N143.32 per share and Okomuoil Plc that lost 4.99 percent to close at N42.47 per share. Cadbury Plc and Unity Bank Plc likewise dropped 4.96 and 4.76 percent each to close at N11.12 and 60 kobo per share respectively.

Conversely, Wema Bank Plc led the gainers chart with an 8.62 percent growth to close at 63 kobo per share, followed by Pharma Deko Plc with a gain of 4.94 percent to close at N1.70 per share, and Africa Prudential Registrars Plc 4.84 percent growth to close at N2.60 per share.

Airservice Plc added 4.83 percent to close at 3.04 per share and Flourmill Plc emerged the top fifth gainer with an appreciation of 4.82 percent to close at N18.92 per share.

Standard Insurance emerged the most traded stock for the day with 2.1 billion shares valued at N1.1 billion. Zenith Bank followed with 22.4 million shares worth N337.3 million, while Sterling Bank traded 18.6 million shares valued at N14.9 million.

Guaranty Trust Bank with the trade of 18.0 million shares worth N394.8 million bagged the fourth position on the activity chart, while UBA came fifth having sold 13.2 million shares valued N56.8 million.

Market performance as measured by the total volume traded, soared to 2.3 billion units valued at N2.6 billion in 3,346 deals compared to 137.6 million units valued at N990.9 million exchanged in 3,283 deals on Thursday.