Nigeria Stock Exchange Watch: ASI (-1.20%) Sheds Weight as Blue Chips Slide

The All Share Index shed a 120 basis points to close at 26,290.41. The decline was caused by a slide in the prices of stocks of bluechips, mostly top-tier banks and Nigerian Breweries (-2.15%).

Only two banks gained today, Fidelity (+2.43%), and unsurprisingly Wema (+3.85%). Wema announced its seeking National Banking license from the Central Bank, an upgrade from its current regional banking license. It also announced an upcoming tier-1 capital injection of N35 billion, expected before the close of 2012.

Selling pressure was the order of the day across the top-tier banking space as Access (-2.89%), First Bank (-3.22%), GTBank (-0.5%), UBA (-1.26%), and Zenith (-1.23%) all shed weight.

Dangote Cement picked up a marginal 4 basis points. Transcorp (-3%), Nestle (-7.7%) and ETI (-0.91%) went to the bears.

The year-to-date performance of the bourse settled at 26.82%.

Over 258 million units valued at N2.23 billion exchanged hands amongst investors.

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