Equities Shed N121bn, 7-UP Reports N11.23bn Loss

• Equities Shed N121bn, 7-UP Reports N11.23bn Loss

The market capitalisation of the Nigerian Stock Exchange slid to N11.331tn from N11.452tn recorded last Friday.

The market closed negative at the end of the trading on Monday as the All-Share Index declined by 1.05 per cent, to settle the year-to-date return at 2.94 per cent. There were 17 gainers and 29 losers.

Honeywell Flour Mills Plc topped the gainers’ list, advancing by 9.66 per cent, to close at N1.93. PZ Cussons Nigeria Plc, Livestock Feeds Plc, Skye Bank Plc, and Cutix Plc followed, rising by 6.24 per cent, 5.26 per cent, five per cent and five per cent, respectively.

On the other hand, May & Baker Nigeria Plc’ shares declined by 9.54 per cent, emerging as the highest loser to close at N3.51.

This was followed by 7-UP Bottling Company Plc, Unity Bank Plc, Cadbury Nigeria Plc and Total Nigeria Plc, which declined by 9.53 per cent, 8.96 per cent, five per cent and five per cent, accordingly.

Meanwhile, the full-year revenue of 7-UP stood at N108.28bn compared to N85.63bn recorded a year ago, according to the reports filed by the company with the Exchange.

However, it posted a loss before taxation of N11.23bn compared to profit of N3.76bn posted a year ago.

According to 7-UP no dividend was proposed by the directors.

Commenting on the equities market performance, analysts at Meristem Securities said, “We posit that Monday’s performance was largely as a result of bearish sentiments on some large cap banking stocks. Also, profit-taking was witnessed on some tickers that recorded price appreciations in the prior week.”