Nigerian Breweries, Zenith, GTBank, others cause stock market’s N60bn loss

The Nigerian Stock Exchange (NSE) All Share Index (ASI) decreased by 0.53percent after Tuesday’s trading on the Bourse, while the Year-to-Date (ytd) return stood at a negative of 0.80percent.

Losses in shares of Nigerian Breweries Plc, Zenith Bank Plc, GTBank Plc, Access Bank Plc, Dangote Sugar Refinery Plc and some others led to the cumulative N60billion decline in value of listed stocks.

The All Share Index closed at 31,178.71points as against the preceding day close of 31,344.24points while Market Capitalisation closed at N11.627 trillion as against preceding day close of N11.688trillion..

Nigerian Breweries Plc recorded the highest decline from day open high of N79.9 to N78, down by N1.9 or 2.38percent. Zenith Bank Plc share price also dipped from N23.45 to N22.95, losing 50kobo or 2.13percent.

GTBank Plc lost 45kobo or 1.31percent, from N34.25 to N33.8. Access Bank Plc share price decreased from N6.35 to N6.05, losing 30kobo or 4.72percent; Dangote Sugar Refinery Plc lost 20kobo or 1.40percent, from N14.3 to N14.1.

PZ Cussons Nigeria Plc share price increased from N11.3 to N12.15, gaining 85kobo or 7.52percent. RedStar Express Plc gained from N5 to N5.5, up 5kobo or 10percent. Cadbury Nigeria Plc rallied by 20kobo or 2.04percent, from N9.8 to N10.

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UAC-Property Development Company Plc gained, from N1.57 to N1.72, up 15kobo or 9.55percent; while Sterling Bank Plc advanced from N2.24 to N2.3, up 6kobo or 2.68percent.

The volume of stocks traded increased by 61.44percent from 222.68 million to 359.51 million, while the total value of stocks traded increased by 3.76percent, from N1.843 billion to N1.913 billion in 3,773 deals. UBA Plc, Sterling Bank Plc, Diamond Bank Plc, and RedStar Express Plc were actively traded stocks.

The Financial Services sector led the activity chart with 301.67million shares exchanged for N1.4 billion; Services followed with 25.96million shares traded for N114 million.

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.