NSE Index Sheds 0.67% on Losses by Dangote Cement, Nestle

Price declines by tow heavy weight stocks, Nestle Nigeria Plc and Dangote Cement Plc yesterday made trading on the Nigerian bourse to close on bearish note. Although the number of price gainers outstripped losers, losses by Nestle Nigeria Plc and Dangote Cement made the Nigerian Stock Exchange All-Share Index (ASI) to close 0.67 per cent lower at 41, 471.28 compared to its closing level of 41,751.55 last Friday. Dangote Cement and Nestle are the first and third highest capitalised stocks respectively. At the close of trading yesterday, Dangote Cement shed N4.98 which wiped off about N85 billion from the market capitalisation of the NSE. Similarly, Nestle Nigeria Plc went down by N9.95, resulting in a decline of about N7.9 billion in capitalisation. Guinness Nigeria Plc also shed N2.30, while UAC of Nigeria Plc lost N1.00. In all, 29 stocks recorded price losses, while 35 added value. The price gainers were led by Oando Plc with N1.10 to close at N26.70, trailed by Nigerian Breweries Plc and International Breweries Plc with N1.00 apiece. UBA Capital Plc, which made some leadership changes last week continued to attract high demand by investors who are responding to the new appointments in the investment banking firm. The stock closed at N2.42 after gaining 10 kobo. Mr. Chika Mordi was last week named the chairman of UBA Capital, while a frontline capital market operator, Mrs. Oluwatoyin Sanni is the new group chief executive officer (CEO) of the company. Speaking about her plans for the company, Sanni said, “I am eager to lead a team of skilled, driven professionals into the next phase of UBA Capital’s development. We have had a solid performance across all our subsidiaries and our trustees business is clearly a dominant player in the market. With the others making solid progress towards market leadership, UBA Capital is ready to establish itself as a leading African financial services and investment banking group.”

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