Stock market bows to Forte, Guinness, Nigerian Breweries dictates

…as equities shed N73bn

Nigerian equities market lost about N73bn yesterday as share price loses by Forte Oil plc, Guinness Nigeria plc, Nigerian Breweries plc, Cadbury Nigeria plc, and Unilever Nigeria plc further dragged equities southwards.

No fewer than 25 companies recorded share price gain against 30 losers leading to 0.62 percent decline in the Nigerian Stock Exchange (NSE) All Share Index (ASI).

The NSE ASI declined to 34,507.85 points from a preceding trading day’s 34,721.61 points while the equities market capitalisation dipped to N11.758trn from N11.831trn the preceding trading day.

In 5,668 deals, equity buyers exchanged 354.453million units valued at N3.289bn.

Forte Oil plc led the losers’ table after its share price declined from N200 to N193.1, after losing N6.9. Guinness Nigeria plc also dipped from N168 to N161.99, down by N6.01.

Also, Nigerian Breweries plc dipped from N160.84 to N157.02, down by N3.82. Cadbury Nigeria plc declined from N41.01 to N39.2, down by N1.81, while Unilever Nigeria plc dipped from N41.65 to N40.01, losing N1.64.

Amid yesterday poor outing at the Nigerian bourse, research analysts at Afrinvest said, “We expect the market to strengthen in subsequent sessions.”

Also, United Capital analysts said, “Given waning socio-political uncertainty, attractive valuation for value stocks and investors’ reactions to better-than-expected first quarter earnings of banks, we still expect to see some mild reversal in equities as the week progresses.”

Nestle Nigeria plc led the gainers table after adding N7, from N940 to N947. Also, 7-Up Bottling Company plc gained N6.9, from N163.1 to N170. PZ Cussons Nigeria plc added N1.35, from N27 to N28.35. Flour Mills of Nigeria plc added N0.72, from N35.7 to N36.42; while Oando plc rose from N18.69 to N19.01, adding N0.32.