Nestle, Stanbic, Cadbury top laggards as stock market hits new low

Stock market of Africa’s largest economy continued its losing streak on Thursday, July 28 shedding about N279billion at the close of trading session.

Nestle Nigeria Plc led the league of laggards after its share price decreased from N1,400 to N1,262.30, losing N137.70 or 9.84 percent; followed by Stanbic IBTC Holdings Plc which decreased from preceding day high of N31.55 to N28.40, losing N3.15 or 9.98percent and Cadbury Nigeria which dropped from N17.10 to N15.40, losing N1.70 or 9.94 percent.

The market has decreased by 4.45 percent since this week amid four consecutive days of losses.

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The record loss on the Nigerian Exchange Limited (NGX) pushed the market down by 1.04 percent, thereby impacting the market’s positive return year-to-date (YtD) which printed at a new low of 16.27 percent.

Market watchers have started seeing some stocks fall below their year-open prices, as bearish sentiments continue to weigh on the market. In 5,053 deals, investors exchanged
206,217,186 shares valued at N3.920billion.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation decreased further from 50,184.5 points and N27.062trillion respectively to 49,667.14 points and
N26.783trillion.