Blue Chip Company Stocks Crash Over Bleak Market Outlook

The dismal performance at the Nigerian Stock Market has persisted as Major blue chip companies on Wednesday, June 8 posted price depreciation on causing further slide in the market indices.

Nigerian Breweries topped the losers’ chart with a loss of N6.65 to close at N130.01 per share. Dangote Cement followed closely after dropping N4.99 to close at N165 and CAP dipped N1.88 to close at N36.12 per share.

Also, Dangote Sugar declined by 47k to close at N6.33 and Guinness shed 46k to close at N99.54 per share.

Meanwhile, Forte Oil recorded the highest gain, appreciating by N9.80 to close at N205.80 per share.

Nestle followed with a gain of N2 to close at N757, while Flour Mills chalked up N1.06 to close at N22.36 per share.

UACN appreciated by 85k to close at N19.85, while Ecobank Transnational Incorporated increased by 62k to close at N17.12 per share.

Wapic Insurance emerged the most traded stock, exchanging 60.93 million shares worth N30.47 million.

Access Bank followed with an exchange of 34.87 million shares valued at N185.30 million, while United Bank for Africa sold 19.58 million shares worth N82.36 million.

FBN Holdings accounted for 18.79 million shares worth N69.78 million and Transcorp sold a total of 14.61 million shares valued at N20.29 million.

In all, a total of 261.01 million shares worth N1.22 billion were transacted by investors in 3,591 deals, in contrast with a total of 183.24 million shares valued at N2.01 billion achieved in 3,488 deals on Tuesday.