Nestle Extends Nigerian Stocks’ Loss by 0.17%

By Modupe Gbadeyanka

The Nigerian Stock Exchange (NSE) suffered a further loss on Wednesday, when it closed in the red territory.

Nestle led the losers’ chart after dropping N10 to close at N740 per share.

It was closely followed by Total, which depreciated by N2.10k to finish at N272.90k per share and Unilever by N1.70k to end at N32.30k per share.

Other losers today were Mobil, which went down by 99k to finish at N298 per share and Stanbic IBTC, which crashed by 80k to close at N17.70k per share.

Despite the loss recorded by the stock market today, the volume of shares transacted by investors improved with a total of 198.8 million shares traded in 2,306 deals at N2.53 billion compared with 153.7 million shares exchanged yesterday in 2,675 deals valued at N1.5 billion.

Business Post correspondent reports that the Financial Services sector enticed investors on Wednesday with UBA accounting for 64.5 million shares traded at N343.5 million, while GTBank followed with 29.4 million sold at N783.7 million.

Access Bank exchanged 24.5 million shares worth N151.5 million, Diamond Bank sold 15.5 million units at N14.3 million and FCMB transacted 11.5 million shares valued at 13.7 million.

A look at the major market indicators showed that the All-Share Index depreciated today by 44.48 points to close at 25,514.09 points, while the market capitalisation slumped by N15.4 billion to finish at N8.83 trillion.

Despite the loss suffered by the stock market, Guinness recorded a gain of N2.61k to end at N62.64k per share, while Julius Berger appreciated by N1.95k to finish at N41.95k per share.

Lafarge advanced by N1.80k to close at N37.80k per share, CAP improved by 19k to end at N28.20k per share and Custodian and Allied Plc increased by 15k to finish at N3.31k per share.