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Nestle, 7up Crash Stock Market after Wednesday’s Gain

By Modupe Gbadeyanka

Activities on the Nigerian Stock Exchange (NSE) finished on Thursday in the downtrend after reversing the three-day consecutive bad sessions on Wednesday.

The all-share index, which opened at 25,460.45 points, depreciated by 137.31 points or 0.54 percent to close at 25,319.19 points.

Likewise, the market capitalisation finished at N8.76 trillion, declining by N12.1 billion after opening at N 8.8 trillion.

An analysis of the price movement table showed Nestle suffering the heaviest loss, going down by N21.60k to end at N624.40k per share.

7up trailed with a loss of N5.60k to finish at N106.50k per share, while Forte Oil depleted by N2.70k to close at N54 per share.

Similarly, Nigerian Breweries fell by N1.27k to end at N128.73k per share and PZ dropped N1.19k to close at N11.4k per share.

On the other hand, Unilever topped the gainers’ chart with a growth of N1 to end at N35 per share, while UACN trailed appreciating by 60k to finish at N15.10k per share.

In the same vein, Oando improved by 9k to close at N4.79k per share, Mansard progressed by 7k to end at N1.59k per share and Caverton added 3k to close at 90k per share.

The volume of shares traded at the stock market today closed lower with an exchange of 139.75 million shares valued at N1.53 billion transacted in 2,484 deals.

Business Post reports that the Financial Services sector dominated the top trades chart on Thursday with Fidelity Bank leading the pack, exchanging 24 million units worth N20.5 million.

It was followed by Diamond Bank which traded 18 million shares valued at N15.7 million and Zenith Bank, which made a turnover of 12 million shares at N184.5 million.

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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