All-Share Index Sheds 0.3% as Equities Market Opens on Negative Note


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Goddy Egene

The Nigerian equities market opened trading for the week on a bearish note as losses by Zenith Bank Plc, FBN Holdings Plc and Unilever Nigeria Plc, among 10 other stocks pushed the Nigerian Stock Exchange (NSE) All-Share Index (ASI) down by 0.30 per cent to close at 29,552.99. Similarly, market capitalisation shed N39.1 billion to be at 15.2 trillion.

Unilever Nigeria Plc led the price losers with 9.9 per cent as investors reacted to the poor results reported for the year ended December 31, 2019. The performance showed a loss after tax of N4.22 billion for the year ended December 2019, compared with a profit after tax of N10.148 billion posted in 2018.

Details of the performance showed that revenue fell 34 per cent to N60.758 billion, from N92.023 billion, while gross profit fell faster by 75 per cent from N27.42 billion to N6.67 billion. Financing cost rose by 82 per cent to N824 million from N452 million in 2018. Loss before…

Source: Thisday Newspaper