International Breweries loses 14.26% in market value

International Breweries, a brewery company listed on the Nigerian Exchange Limited (NGX), experienced a loss of 14.26% by the conclusion of the weekly trading session, marking it as the top loser for the week.

This decline highlights the notable selling pressure observed on the company’s shares throughout the week.

As a result, the brewery witnessed a decrease in market capitalization amounting to N19.878 billion by the end of trading on Friday, reducing its market valuation to N119.536 billion.

Analysis conducted by Nairametrics revealed that International Breweries Plc stock plunged by 14.26% to N4.45 per share, resulting in a reduction in market capitalization from N139.414 billion to N119.536 billion compared to the opening figures for the trading week, where it stood at N5.19 per share.

Other three notable top losers included shares of Dangote Sugar Refinery Plc, which experienced a decline of 11.86% to close at N52.00 per share from the week’s opening value of N59.00.

Similarly, Guinea Insurance Plc witnessed a 10.26% drop to close trading at N0.35 per share from an opening figure of N0. 39. Additionally, Northern Nigeria Flour Mills Plc shares decreased by 9.97% to close at N48.30 per share from the opening price of N53.65 per share.

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The local bourse registered a decline of 0.08% week-on-week (w/w), erasing a portion of the gains made in the preceding week, with the benchmark index settling at 104,562.06 points.

Market analysts attribute this current decline in the market to investors taking advantage of the profits garnered from a significant bullish rally that has been evident in recent periods.

The NGX All-Share Index and Market Capitalization depreciated by 0.08% to close the week at 104,562.06 and N59.121 trillion respectively.

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All other indices finished higher with the exception of NGX Main Board, NGX 30, NGX Consumer Goods and NGX Growth which depreciated by 0.28%, 0.16%, 0.97% and 0.14%, respectively while the NGX Oil and Gas and NGX Sovereign Bond indices closed flat.

The market opened for four trading days this week as the Federal Government of Nigeria declared Friday March 29, 2024 and Monday April 1, 2024 as Public Holidays to commemorate Easter celebration.

Meanwhile, a total turnover of 1.804billion shares worth N52.040 billion in 38,550 deals was traded during the week by investors on the floor of the Exchange, in contrast to a total of 1.735 billion shares valued at N48.755 billion that exchanged hands last week in 45,237 deals.

The Financial Services Industry (measured by volume) led the activity chart with 1.329billion shares valued at N32.924 billion traded in 20,897 deals; thus contributing 73.65% and 63.27% to the total equity turnover volume and value respectively.

The Conglomerates Industry followed with 106.728 million shares worth N1.467 billion in 2,368 deals. The third place was the Consumer Goods Industry, with a turnover of 87.708 million shares worth N4.220 billion in 4,731 deals.

Trading in the top three equities namely Guaranty Trust Holding Company Plc, Zenith Bank Plc and Access Holdings Plc (measured by volume) accounted for 589.939 million shares worth N23.276 billion in 8,166 deals, contributing 32.70% and 44.73% to the total equity turnover volume and value respectively.