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Nigerian Stock Exchange Watch: Market Plummets Further due to Blue Chips Decline

By Afolabi Ogunde on March 15, 2012

The Nigerian Stock Exchange plummeted further in trading today, compounding on yesterday’s losses due to selling pressure on several bluechip stocks including the bourse’s juggernaut, Dangote Cement.

The banking sub-sector was skewed largely towards the bears as top-tiers UBA (-4.8%), First Bank (-3.81%) and Zenith (-1.83%) saw a decline in prices. Also down in the session were Access (-3.72%), FCMB (-5%) and Union Bank (-4.85%).

Across the Infrastructure sector Dangote Cement (-4.03%) shed enough points to affect the entire bourse negatively. DN Meyer (-4.30%) and Portland Paints (-4.78%) were also down On the flip side Julius Berger (+4.79) was up in the day session due to sustained investor interest.

The consumer goods sector saw Guinness (+1.3%), Dangote Flour (+3.96%), Cadbury (+2.86%), and Dangote Sugar (+0.26%) record gains. On the flip side Flour Mills (-5%), Honeywell Flour (-5%) and Nascon (-4.94%) were down in the day’s session.

The Oil and Gas sector was bearish as Oando (-0.04%) and Total (-5%) sustained losses.

The volume of shares traded (394 million) today decreased by 35%, and the value (N 1.68 billion) declined by 19%.

Leading the gainers charts were: