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Yuletide: Major blue chips record price drop on NSE

Dealers at the Nigeria Stock Exchange

Major blue chips on Wednesday on the Nigerian Stock Exchange (NSE) recorded price losses due to sell pressure, as preparations for the Yuletide heighten.

Seplat led the losers’ table with a loss of N19.50 to close at N370.50 per share.

Forte Oil came second with a loss of N9.22 to close at N85.47 and CAP dipped N1.66 to close at N31.60 per share.

Beta Glass shed N1.52 to close at N28.88 and Unilever dropped N1 to close at N35 per share.

Consequently, the All-Share Index shed 122.76 points or 0.46 per cent to close at 26,418.11 compared with 26,540.87 posted on Tuesday.

Also, the market capitalisation which opened at N9.132 trillion lost N43 billion to close at N9.089 trillion.

The market indicators for the third consecutive day remained on a negative trend, which market analysts attributed to retail investors’ effort to raise cash in readiness for the festive period.

On the other hand, Conoil led the gainers’ table, growing by N1.69 to close at N35.80 per share.

Lafarge Wapco followed with a gain of 99k to close at N40.99 and Glaxosmithkline increased by 75k to close at N15.75 per share.

Cadbury gained 40k to close at N11.10, while CCNN improved by 21k to close at N4.42 per share.

Meanwhile, the volume of shares traded closed higher with an exchange of 421.18 million shares worth N10.08 billion transacted in 3,937 deals.

This was in contrast with a turnover of 248.71 million shares valued at N3.10 billion exchanged in 3,271 deals on Tuesday.

Mutual Benefit was the toast of investors, accounting for 90.22 million shares worth N45.11 million.

It was trailed by Oando with 51.82 million shares valued at N222.92 million and Fidson sold 49.35 million shares worth N61.20 million.

Champion Breweries traded 34.57 million shares valued at N85.05 million, while Sterling Bank transacted 30.16 million shares worth N22.16 million.

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