Nestlé, other stocks cause market’s first dip in 2022

Nigeria’s stock market was down by 0.09percent on Tuesday January 11, recording its first decline in 2022 as investors took profit in Nestle Nigeria Plc and some other stocks following the gains recorded last week.

Nestle Nigeria Plc share price decreased by N121.50 or 7.81percent, from day-open high of N1556.50 to N1435 at the close of trading. It was followed by Berger Paints which decreased by 85kobo or 9.94percent, from N8.55 to N7.70.

Also, UPDC Real Estate Investment Trust (REIT) decreased by 35kobo or 8.14percent, from N4.30 to N3.95.

Read also: Nigerian stocks to watch in 2022

Despite Tuesday’s negative on the Bourse, investors continued to snap up attractive counters.

For instance, share price of newly listed BUA Foods Plc continued its upward trend on Tuesday, rising by N5.85 or 10percent, from N58.50 to N64.35.

The negative close on Tuesday (N20billion loss) spurred a decline in the year-to-date (YtD) positive return which lowered to 2.68percent.

As at the close of trading session on the Nigerian Exchange Limited (NGX) its All-Share Index (ASI) decreased from 43,897.13 points recorded the preceding day to 43,859.3 points while the value of listed stocks on the Nigerian Bourse decreased from preceding day’s low of N23.650 trillion to N23.630trillion.

Shares of Trancorp Plc, BUA Foods Plc, FBN Holdings Plc, GTCO Plc and Access Bank Plc were most traded on Tuesday at the Nigerian Exchange Limited. In 4,501 deals, investors exchanged 294,539,104 units valued at N6.768billion.