Presco depreciates by 10%, loses N20bn in market value

At the end of the yesterday’s trading session, Presco  Plc’s share price depreciated by 10.00 per cent to close at N180 per share, taking the market capitalization from N200 billion to N180 billion.

Presco Plc recorded loss in share price, which can be attributed to investors’ negative sentiments, which triggered sell-pressures in the shares of the company, supporting a loss of N20 billion in market capitalization at the close of trading activities on the Nigerian Stock Exchange.

The shares of the quoted brewery declined from N200 per share at the start of the trading day to N180 per share, the lowest price traded at the close of the market, to represent a loss of 10.00 per cent, which in monetary terms is N20.0/

The profit-taking witnessed in the shares of Presco Plc negatively influenced the company’s market capitalization from N200 billion to N180 billion at the end of the day’s trading activities, taking the loss to N20 billion.

The shares of the FMCG have gained 105.01 per cent from year-to-date, starting the year at N87.80 and currently traded at N180.

However, the company’s shares have returned about 157.14 per cent gains for investors who bought them at their 52-week low trading price of N70.00 per share.During the day’s trading hours, 6,584,271 ordinary shares of Presco Plc, worth about N1.19 billion, were exchanged in 113 executed deals.In comparison, the shares of Okomu Oil Plc remained unchanged to close at N215.00.

At the end of yesterday’s trading activities, the NGX All-Share Index and market capitalization depreciated by 0.13 per cent from the previous trading day to close at 52,911.51 index points and N28.53 trillion, respectively.

The NGX Consumer Goods Index appreciated by 0.05 per cent to close the day at 691.83 from 691.49 index points.