Nigerian Breweries, Stanbic IBTC, Three Other Companies Lost Over N156bn In One Week

The share prices of five companies dropped in the past week forcing the Nigerian Exchange Ltd to close on a bearish note on Friday.

The NGX All-Share Index depreciated by 0.42 per cent to close the week at 66,915.41 from 67,200.69 points last week, while Market Capitalization fell 0.42 per cent from N36.92trn last week to N36.764trn.

Market sentiments were negative as investors sought shelter in safe havens amid Nigeria’s foreign exchange rate volatility, inflation, and escalation in the Middle East crisis.

About 13 of the 20 indices closed negative while the NGX ASeM Index finished unchanged at 658.99 points.

The companies that were worse hit by the decline in the market were Okomu Oil Palm PLC, STANBIC IBTC Holdings PLC, Nigerian Breweries PLC, Flour Mills Nig Plc and Cadbury Nigeria PLC.

Analysis conducted by THE WHISTLER showed that the decline in the shares of the five companies contributed largely to the loss of over N156bn recorded on the NGX during the week.

STANBIC IBTC Holdings PLC

STANBIC IBTC saw its shares fell by 13.06 per cent in seven days from N80 to N69.55 per share, forcing shareholders to lose N10.45 for every share they have in STANBIC.

Consequently, the company’s market capitalisation decreased from a N1.03trn company to N901.15bn, losing N135.4bn during the period.

Nigerian Breweries PLC

Nigerian Breweries Plc shareholders lost N4 for every share held after the company’s stock fell from N42 closed in the previous week to N38 per share.

The development led to the fall of the company’s market capitalisation from N431.59 to N390.49bn on October 20. The company’s shareholders lost N41bn following the drop.

Okomu Oil Palm PLC

Okomu Oil Palm Plc’s shares during the week declined from N263 per share to N236.80 thereby causing shareholders to lose N26.2 per share in a single week.

The decline in Okomu’s shares led to a fall in market capitalisation by N24.99bn from N250.8bn on October 13 to N225.9bn on October 20, 2023.

Flour Mills PLC

Flour Mills shares depreciated by N3.80 per share from N32 to N28.20. The company’s market capitalisation fell from N131.2bn to N115.67bn.

By implication, Flour Mills shareholders lost a cumulative N15.5bn.

Cadbury Nigeria PLC

Cadbury Nigeria’s shares were not spared as they fell by 16 per cent or N2.40 from N15 traded on October 13 to N12.60 a week later.

The company’s market capitalisation also depreciated from N28.17bn to N23.66bn, which forced a N4.5bn loss on Cadbury’s shareholders.