This week ended with yet another sell-off as stocks shed a whopping N900 billion in one week. A major reason for the decline were some Blue Chip Nigerian companies contributing in dragging the index back by about 2.9%.
Amongst this park were 7 Blue Chip stocks that cut across the banking, pharmaceutical, FMCG and Upstream sector. This basically reflects the mood in the economy which is currently suffering from rising inflation, drop in Government revenue and cut in disposable income of companies.
Here are the companies and the possible unique reasons why they got a pounding
|Stock||Close||Yr high||Yr low||Possible Reason|
|CADBURY NIGERIA PLC||35.05||42.00||35.05||Poor results, negative outlook|
|FBNH PLC||6.90||10.44||6.90||Fear that the bank might right off some bad oil and gas loans|
|GLAXO SMITHKLINE CONSUMER NIG. PLC||40.00||56.26||40.00||Weaker margins , profit drop, negative outlook|
|GUINNESS NIG PLC||125.10||168.00||125.00||Competition and negative outlook|
|NIGERIAN BREW PLC.||121.00||163.76||121.00||Competition and negative outlook|
|SEPLAT PETROLEUM DEVELOPMENT COMPANY LTD||300.00||450.10||300.00||Fall in oil price and loss of market share, negative outlook|
|TRANSNATIONAL CORPORATION OF NIG.||2.06||3.50||2.06||Price correction, negative outlook|