Nestle declares loss of over 31bn in market value

Nestle Nigeria plc declared yesterday at the end of trading session,  share price which depreciated by 2.79 per cent to close at N1,395 per share, taking the market capitalization to N1.11 trillion.

The decline in share prices which was recorded by the FMCG company can be attributed to investors’ negative sentiment which triggered sell-offs dragging the company’s value down by 279 basis points.

Hence, sell-pressures in the shares of the company resulted in a loss of N31.71 billion in market capitalisation at the close of trading activities on Nigeria’s stock exchange.

The shares of the quoted company decreased from N1,435.00 per share at the start of the trading day to N1,395.00 per share, the lowest price traded at the close of the market, to represent a decline of 2.79 per cent which in monetary terms is N40.00.

The profit taking witnessed in the shares of Nestle Nigeria Plc negatively influenced the company’s market capitalisation from N1.14 trillion to N1.11trillion at the end of the day’s trading activities, taking the loss to N31.71billion.The shares of the company have lost 10.38 per cent from year-to-date, starting the year at N1,556.50 and currently traded at N1,395.00.

The company’s shares are currently trading 10.38 per cent lower than its 52-week high at N1,556.50. However, the shares of the company have returned about 0.36 per cent gains for investors who bought them at their 52-week low trading price of N1,390.00 per share.

During the day’s trading hours, 331,701 ordinary shares of Nestle Nigeria Plc worth about N462.58 million, were exchanged in 33 executed deals.

At the end of the day’s trading activities, the NGX All-Share Index and market capitalization depreciated by 0.20 per cent from the previous trading day, to close at 47,156.56 index points and N25.41 trillion respectively.