Investors wealth plunge as share price of blue-chip stocks drop

The bears have continued to upstage the bulls on the equity sector of the Nigerian Stock Exchange (NSE), as most blue-chip stocks depreciated in price, causing investors’ wealth to plunge further by N162 billion in three trading days.

Japaul Oil and Maritime Service appreciated by 9.09 per cent to close at 36kobo per share. Skye Bank also appreciated by 9.09 per cent to close at 72kobo, while Mutual Benefit Assurance gained 8.33 per cent to close at 39kobo per share.

On the other hand, Forte Oil, and McNichols led the losers’ chart by 10 per cent each, to close at N26.10 and 81kobo, respectively, while Omoluabi Mortgage Bank shed 9.38 per cent to close at 58kobo per share.

However, the total volume traded appreciated by 96.49 per cent to 505.74 million shares worth N3.13billion, and traded in 3,906 deals. Transactions in the shares of Multiverse topped the activity chart with 200.04 million shares valued at N40.01million. National Aviation Handling Company (NAHCO) followed with 125.09 million shares worth N747.33million.

Guaranty Trust Bank traded 28.42 million shares valued at N1.13billion.

Access Bank traded 18.91 million shares worth N195.44million, while FCMB Groups transacted 13.91 million shares at N30.83million.