NB shares suffer N24bn loss in market value

MOTOLANI OSENI

Nigerian Breweries Plc share price on Monday declined by 6.06per cent to close at N46.50 per share, its new 52-week low, taking the market capitalization from N395.85 billion to N371.86 billion.

The international breweries recorded a decline in share prices attributable to investors’ negative sentiment which triggered sell-offs in the shares of the company inducing a loss of N23.99 billion in market capitalization at the close of trading activities on the Nigerian Exchange Limited.

The shares of the brewery depreciated from N49.50 per share at the start of trading on Monday to N46.50 per share, the lowest traded price at the close of the market, to represent a decrease of 6.06per cent which in monetary terms is N3.00.

The sell-offs witnessed in the shares of Nigerian Breweries negatively influenced the company’s market capitalization from N395.85 billion, the previous trading day, to N371.86 billion at the end of the day’s trading activities, taking the depreciation to N23.99 billion.

The shares of the brewery have declined by 16.96per cent from year-to-date, starting the year at N56.00 and currently traded at N46.50, its new 52-week low price.

During Monday’s trading hours, 1,806,525 ordinary shares of Nigeria Breweries worth about N83.52 million, were exchanged in 188 executed deals.

In comparison, the shares of Champion Breweries Plc and International Breweries advanced by 9.52per cent and 1.10 per cent respectively, to close at N2.30 and N4.60 at the end of the trading session while Guinness Nig declined by 1.86per cent to close at N29.05.