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Int’l Brewery loses 14.26%, becomes top weekly loser

Alex Omenye
Alex Omenye

International Breweries Plc, a brewery company listed on the Nigerian Exchange Limited, saw a significant loss of 14.26% during the weekly trading session, making it the top loser for the week.

This decline underscores the considerable selling pressure observed on the company’s shares throughout the week, resulting in a decrease in market capitalization of N19.878 billion by the end of trading on Friday. Consequently, its market valuation dropped to N119.536 billion.

Analysis conducted by Nairametrics revealed that International Breweries Plc stock plummeted by 14.26% to N4.45 per share, leading to a reduction in market capitalization from N139.414 billion to N119.536 billion compared to the opening figures for the trading week, where it stood at N5.19 per share.

The other three top losers included shares of Dangote Sugar Refinery Plc, which experienced an 11.86% decline to close at N52.00 per share from the week’s opening value of N59.00. Similarly, Guinea Insurance Plc witnessed a 10.26% drop to close trading at N0.35 per share from an opening figure of N0.39. Additionally, Northern Nigeria Flour Mills Plc’s shares decreased by 9.97% to close at N48.30 per share from the opening price of N53.65 per share.

The local bourse recorded a decline of 0.08% week-on-week (w/w), erasing a portion of the gains made in the preceding week, with the benchmark index settling at 104,562.06 points. Market analysts attribute this current decline to investors taking advantage of profits garnered from a significant bullish rally evident in recent periods.

The NGX All-Share Index and Market Capitalization depreciated by 0.08% to close the week at 104,562.06 and N59.121 trillion, respectively. All other indices finished higher except for NGX Main Board, NGX 30, NGX Consumer Goods, and NGX Growth, which depreciated by 0.28%, 0.16%, 0.97%, and 0.14%, respectively, while the NGX Oil and Gas and NGX Sovereign Bond indices closed flat.

The market opened for four trading days this week as the Federal Government of Nigeria declared Friday, March 29, 2024, and Monday, April 1, 2024, as Public Holidays to commemorate Easter celebration.

Meanwhile, a total turnover of 1.804 billion shares worth N52.040 billion in 38,550 deals was traded during the week by investors on the floor of the Exchange, contrasting with a total of 1.735 billion shares valued at N48.755 billion that exchanged hands last week in 45,237 deals.

The Conglomerates Industry followed with 106.728 million shares worth N1.467 billion in 2,368 deals. The third-place was the Consumer Goods Industry, with a turnover of 87.708 million shares worth N4.220 billion in 4,731 deals. Trading in the top three equities, namely Guaranty Trust Holding Company Plc, Zenith Bank Plc, and Access Holdings Plc (measured by volume), accounted for 589.939 million shares worth N23.276 billion in 8,166 deals, contributing 32.70% and 44.73% to the total equity turnover volume and value, respectively.


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