• Thursday, May 30, 2024
businessday logo

BusinessDay

Nigerian stock market down on blue-chip losses

businessday-icon

The Nigerian stock market opened this week on a negative note driven majorly by losses recorded by blue-chip companies.

Though, the market’s year-to-date (Ytd) return is still positive at 31.12percent, losses by stocks like Nestle Nigeria plc, CAP plc, Dangote Cement plc, Nigerian Breweries plc, and Okomu Oil Palm plc impacted negatively on the market’s performance indicators.

The Nigerian Stock Exchange (NSE) All Share Index (ASI) dropped by 0.24 percent to 36,817.74 points after yesterday’s outing at the Customs Street while market capitalisation declined from N11.79trillion to N 11,769trillion. In 6,426 deals, equity dealers exchanged 390,922,757 shares valued at N4.045billion.

Top on the loser chart yesterday was Nestle Nigeria plc which dropped from N950 to N945, after losing N5; it was followed by CAP plc which lost N4.99, after its stock price declined from N67.50 to N62.51.

Dangote Cement plc dipped from N187 to N183.01, losing N3.99. Nigerian Breweries plc declined from N179 to N176.17, shedding N2.83; while Okomu Oil Palm plc also dipped from N53.94 to N51.80, losing N2.14.

Gains recorded by some companies were not significant enough to change the direction of the market. Leading the gainers list yesterday was Unilever Nigeria plc after its share price rose from N65.04 to N70.79, adding N5.75.

Also, PZ Cussons plc rose from N45 to N49.45, adding N4.45. Guinness Nigeria plc rose from N275 to N278, adding N3. Northern Nigeria Flour Mills plc also rallied from N21.42 to N23.56, after adding N2.14; while Lafarge Cement WAPCO plc rose from N92.15 to N94, adding N1.85.

IHEANYI NWACHUKWU