Business

PZ Cusson sheds N70.5 billion in market value in one week

PZ Cussons Nigeria Plc has incurred a market value loss of approximately N70.5 billion since May 7, 2024.

This downturn persisted today, with the company witnessing a further 10% decline in its share price, ultimately closing at N20.25 per share.

From May 7, 2024, to May 15, 2024, the company’s market worth fell from N150.9 billion to N80.4 billion.

PZ Cussons’ downward trajectory has been a contributing factor to the overall decline witnessed in the performance of the NGX during the stated period.

As trading concluded today, May 15, 2024, the NGX experienced a 0.13% decline, resulting in the All-Share Index closing at 97,343.42 points. This represents a decrease of 130.56 points from yesterday’s close of 97,473.98 points.

Equities lost a further N73.85 billion during the trading day as the market cap declined to N55.058 trillion from yesterday’s N55.132 trillion. The major contributors were PZ Cussons which lost N8.93 billion and UACN which declined by 9.76% resulting in a N6 billion market cap decline.

There was a 16% increase in the trading volume to 355.6 million units, while there was a 23% increase in trading value to N7.14 billion from yesterday’s N5.81 billion.

GTCO, with a 0.24% decline, led in terms of traded stocks with 71.87 million shares traded. Following closely was Custodian & Allied Plc, the top gainer, with 65.47 million shares traded. Access Holding experienced a 0.58% dip with 24.17 million shares traded, while Tantalizers gained 3.64% and saw 21.30 million shares exchanged. Prestige Assurance had a significant drop of 8.93% and recorded 17.54 million shares traded.

In terms of value traded, GTCO led with N3.04 billion, followed by MTNN which gained 1.82% with N831.13 million worth of shares traded. Custodian & Allied Plc recorded N785.26 million, Access Holding recorded N416.73 million, and UBA recorded N345.70 million.

There was mixed sentiment for stocks worth over one trillion as MTN Nigeria recorded a 1.82% gain, while GTCO and Zenith Bank recorded a 0.24% and 3.20% decline respectively.

Other members of the category, Airtel Africa, BUACEMENT, BUAFOODS, Dangote Cement, SEPLAT, TRANSPOWER, TRANSCOHOT, and GEREGU recorded no price changes.

Trading sentiment was bearish for tier-1 banks as FBNH, UBA, GTCO, ACCESSCORP, and ZENITH posted 1.02%, 4.35%, 0.24%, 0.58%, and 3.20% declines respectively.

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