Again, Nestle Leads Stock Market to Further Loss

By Modupe Gbadeyanka

For the second straight day, Nestle Plc topped the losers’ chart to abandon the Nigerian Stock Exchange (NSE) in the red zone.

Yesterday, Nestle lost N29 at the market to finish at N761 per share, while today, it went down by N6 to finish at N755 per share.

Similarly, Guinness Plc, which declined on Tuesday, fell by N3.35k on Wednesday to end at N63.65k per share, while Mobil depreciated by N1.50k to close at N260.50k per share.

Also, Unilever weakened by N1.50k to finish at N33.50k per share and Forte Oil, which recorded a loss the previous day, slipped further by N1.30k to end at N69 per share.

Business Post reports that though the volume of transactions on the floor of the NSE improved today, however, the market shed N11.3 billion at the close of trading activities.

Investors sold and bought a total of 394.8 million shares on Wednesday valued at N1.4 billion executed in 3,015 deals compared with the 371.8 million units transacted the previous day at N1.7 billion in 3,522 deals.

The market capitalisation fell today by N11.3 billion to close at N9.03 trillion, while the all-share index declined by 32.86 points or 0.13 percent to finish at 26,245.34 points.

However, some equities breathed fresh air today at the stock market.

Nigerian Breweries emerged the top gainer on Wednesday going up by N1.40k to close at N142.60k per share, while Airline Services and Logistics Plc improved by 5k to end at N2.65k per share.

Also, A.G. Leventis Nigeria Plc increased by 4k to close at 88k per share, Cutix Plc rose by 3k to end at N1.45k per share, while FCMB added 2k to finish at N1.34k per share.