Nestle, Mobil, others top stock market N124billion loss

Nestle Plc

Trading on the ground of the Nigerian Stock Exchange (NSE), continued on a decline yesterday, occasioned by worth losses impacted on main extremely capitalised shares, particularly Nestle, and Mobil, ensuing to a additional slide in market capitalisation by N124billion.
 
Specifically, the ASI shed 341.80 absolute factors, representing a decline of zero.90 per cent to shut at 37,605.12 factors, worsening year-to-date loss to 1.67 per cent. Also, the market capitalisation declined by N124billion to shut at N13.622trillion.
   
The downturn was impacted by losses recorded in medium and huge capitalised shares, amongst which had been Nestle Nigeria, Mobil Nigeria, Lafarge Africa, Dangote Cement, and Cadbury Nigeria.
   
Analysts at APT Securities and Funds Limited, stated: “the equities market has experienced two consecutive declines since the commencement of the trading week. Hopefully, the market will market a turnaround before the end of the week. We therefore anticipate better trading sessions.”
   
Market breadth closed destructive, with 13 gainers versus 30 losers.  Nestle topped the losers chart with four.13 per cent to shut at N1,510 per share, whereas Mobil adopted with four.95 per cent to shut at N190.00 per share.  
 
WAPCO misplaced three.66 per cent to shut at N39.45 per share. Dangote Cement shed zero.58 per cent to shut at N222.eight per share. Cadbury dropped 5.38 per cent to shut at N12.30 per share.
   
On the opposite hand, Betaglass emerged the day’s highest worth gainer with four.81 per cent to shut at N90.45 per share, whereas Unilever adopted with four.76 per cent to shut at N55.00 per share. Nigerian Breweries added zero.71 per cent to shut at N113.9 per share.Redstar Express gained eight.33 per cent to shut at N6.50 per share. Custodian and Allied Insurance appreciated by 7.42 per cent to shut at N5.50 per share.

However, the entire quantity traded appreciated marginally by zero.45 per cent to 257.39 million shares, price N2.65billion, and traded in three,932 offers.Transactions within the shares of Multiverse Mining and Exploration topped the exercise chart with 100 million shares valued at N20million. Zenith Bank adopted with 16.49 million shares price N403.28million.Guaranty Trust Bank traded 13.01 million shares valued at N515.96million.Access Bank traded 12.9 million shares valued at N133.02million, whereas FBN Holdings transacted 10.eight million shares price N113.96million.

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