Nigeria: Guinness Nigeria’s share price depreciated by low sentiment in Nigerian equities market
As low sentiment continues to deepen in the Nigerian equities market, Guinness Nigeria’s share price depreciated by 19% to close at N60.50 per share, taking the market capitalization to N132.518 billion from N163.512 billion closed on the 15th of November, Nairametrics reported.
The decline can be attributed to investors’ negative sentiment as the build-up to the 2023 election and the recent interest rate hike by the CBN continue to impact negatively on the market.
Hence, the sell-pressures resulted in a loss of N30.994 billion in market capitalization at the close of trading activities on the Nigeria Exchange.
Findings by Nairametrics showed that Guinness Nigeria’s shares price dropped from N74.65 per share at the start of the trading on the 16th of November to N60.50 per share, representing a 19% drop in the last two days. Guinness began the year with a share price of N39.00 and has since gained 55.1% on the price valuation.
Guinness Nigeria Plc, a subsidiary of Diageo Plc, announced its unaudited results for its first quarter period that ended 30 September 2022, revealing a 32% decrease in profit after tax to N2.748 billion from N4.043 billion in 2021.
The unaudited financial report, which was released to the Nigerian Exchange Group (NGX), indicated that revenue increased 11.33% to N52.849 billion versus the prior period of 2021 which stood at N47.469 billion.
However, the cost of sales rose by 7.38% to N34.610 billion from N32.232 billion in 2022 while marketing and distribution expenses climbed to N9.414 billion from N6.579 billion in 2021, representing a growth of 43%.
Basic and diluted earnings per share (kobo) stood at 125 kobos from 185 kobos in 2021.
At the company’s Annual General Meetings (AGM), shareholders endorsed a dividend of N15.6 billion dividend, representing N7.14 kobo per share of 50 kobos each.
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