Finance

Nestle lose N469.73bn in market calue, share price falls to N963.9

NesNestle lose N469.73bn in market calue, share price falls to N963.9tlé

At the end of the trading session last week, Nestle Nigeria Plc share price depreciated by N469.73 billion or 38.07 per cent in its Year-till-Date (YtD) performance to close at N963.9 per share, taking its market capitalisation to N764.04billion.

The decline in Nestle Nigeria share prices can be attributed to investors’ negative sentiment which triggered sell-offs dragging the company’s value down to its 52-week low last week.

So far in November 2022, investors sell- pressure in the shares of the company resulted in a loss of N199.04 billion in market capitalization at the close of trading activities on Nigeria’s Exchange Limited (NGX) when stock price opened for trading at N1,215.00 per share.

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Analysts attributed the decline in Nestle Nigeria’s share price to profit-taking taking by institutional investors.

 “With the sell-off by institutional investors, another stockbroking firm is buying into the company’s stocks on the NGX. We might soon witness the price appreciating because Nestle Nigeria stock on the Exchange has the fundamentals to remain high, ” said Managing Director, APT Securities Limited, Mr. Kasimu Kurfi

Nestle Nigeria in nine months ended September 30, 2022 reported N333.47billion revenue, representing an increase of 27per cent from N261.59billion reported in nine months of 2021.

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The firm closed the period with N40.15 billion profit, an increase of 20 per cent from N33.58 billion in nine months of 2021.

According to the company’s unaudited result and accounts for nine months ended September 30, 2022, Mr. David Ifezulike who is the chairman of Nestle Nigeria control 56,255 ordinary shares of the company, while Mr Ibukun-olu Ipinmoye is holding 2,328 ordinary shares.

Thisday

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