Nigerian Stock Market Sheds ₦801bn As Nestlé, BUA Foods Sell-Off Overshadows Consumer Stocks Rally

• Investors lost about ₦801 billion as profit-taking in heavyweight consumer stocks dragged the NGX lower despite a positive market breadth.

• Cadbury and Unilever surged by 10.00 percent each, while Nestlé and BUA Foods led the day’s losers with steep declines.

• Mixed investor sentiment Gains in 37 stocks outpaced 24 decliners, but losses in high-capitalisation equities outweighed buying interest, pushing the benchmark index lower.

July 22, () — The Nigerian Exchange (NGX) closed lower on Wednesday as investors booked profits in heavyweight consumer goods stocks, erasing approximately ₦801 billion from market capitalisation despite a broadly positive market breadth.

Market capitalisation declined from ₦159.119 trillion at the opening of trading to ₦158.318 trillion at the close, while the NGX All-Share Index (ASI) fell by 0.50 percent, easing from 246,659.56 basis points to 245,418.37.

Although the market recorded 37 gainers against 24 losers, sharp losses in large-cap stocks, particularly Nestlé Nigeria Plc and BUA Foods Plc, weighed heavily on overall market performance.

Price Movement

Top Five Gainers

• Cadbury Nigeria Plc gained 10.00 percent (rising from ₦57.00 to ₦62.70).
• Trans-Nationwide Express Plc appreciated by 10.00 percent (advancing from ₦2.80 to ₦3.08).
• Unilever Nigeria Plc climbed 10.00 percent (moving from ₦125.00 to ₦137.50).
• Thomas Wyatt Nigeria Plc rose by 9.95 percent (increasing from ₦3.72 to ₦4.09).
• UPDC REIT appreciated by 9.40 percent (closing at ₦12.80 from ₦11.70).

Top Five Decliners

• Nestlé Nigeria Plc declined by 10.00 percent (dropping from ₦3,125.00 to ₦2,812.50).
• BUA Foods Plc fell 10.00 percent (sliding from ₦939.00 to ₦845.10).
• Mecure Industries Plc shed 9.94 percent (closing at ₦69.30 from ₦76.95).
• International Energy Insurance Plc lost 9.84 percent (declining from ₦4.88 to ₦4.40).
• UAC of Nigeria Plc dropped 7.75 percent (falling from ₦199.95 to ₦184.45).

Meanwhile, Dangote Cement Plc, Seplat Energy Plc, Custodian Investment Plc, Julius Berger Nigeria Plc, Vitafoam Nigeria Plc and Unity Bank Plc, among others, closed unchanged during the session.

Investor sentiment remained mixed as buying interest across several mid- and consumer-cap stocks offset broader weakness in market heavyweights. While the positive market breadth reflected sustained demand in selected counters, profit-taking in high-value equities continued to dictate the market’s overall direction.

Market activity is expected to remain cautious in the near term as investors continue to rebalance portfolios ahead of more corporate earnings releases. Analysts expect bargain hunting in fundamentally strong counters to coexist with intermittent profit-taking, leaving the market susceptible to short-term volatility.