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NSE Stock Market Crashes By 0.19% As 7up Tops Losers


By Modupe Gbadeyanka

The Nigerian stock market closed for the week on a negative note after it recovered from six days losing streak on Thursday.

Fall in the prices of blue chip stocks, Business Post learnt, affected the market on Friday.

The all-share index, which rose by 0.18 percent at the close of trading activities on Thursday, fell by 0.19 percent on Friday. This indicated that the Nigerian Stock Exchange (NSE) ASI lost 50.87 points to close at 26,170.88 points at the end of trading for the week.

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Also, the market capitalisation plummeted on Friday by N17.5 billion to finish at N9 trillion against N9.02 trillion it ended the previous day.

7up closed at N143.32k per share to lead the top declining stocks after it lost N7.54k, while Lafarge Africa Plc fell by N4.14k to finish at N48 per share. Also, Okomu Oil crashed by N2.23k to close at N42.47k per share, Cadbury depreciated by 58k to finish at N11.12k per share and Stanbic sank by 35k to close at N16.50k per share.

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The volume of shares sold on Friday improved compared to what was achieved on Thursday.

Investors stacked N2.63 billion on 2.26 billion units of shares in 3,346 deals. This was in sharp contrast to N991 million spent on 137.6 million shares in 3,283 deals on Thursday.

Mobil appreciated at the stock market, closing at N190 per share after it went up N4.99k. Flour Mill gained 87k to close at N18.92k per share, Forte Oil improved by 45k to finish at N104.50k per share, Zenith Bank flew by 43k to end at N15.13k per share, while International Breweries added by 36k to finish at N19.89k per share.

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Business Post reports that at the close at activities on the floor of the NSE on Friday, 18 stocks recorded gains, 12 stocks maintained their previous closing prices, while 19 stocks recorded various fall in their prices.

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Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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