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Nigerian Breweries, GTBank, Nahco, Forte Oil Lose at Stock Market

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The shares of Guaranty Trust Bank (GTBank) Plc declined at the stock market yesterday, shedding 4.8 per cent despite posting improved profit for the 2016 financial year the previous day. GTBank Plc, Nigerian Breweries Plc ended as the top price losers. Nigerian Breweries led the price losers chart, shedding 5percent, while Nahco, and Forte Oil lost 4.7percent and 3.1percent respectively.

In all, nine stocks depreciated compared with 16 stocks that appreciated. The Nigerian Stock Exchange (NSE) All-Share Index (ASI) appreciated by 0.74 per cent following gains by Dangote Cement Plc, Nestle Nigeria Plc that led others with 5.0 per cent apiece.

However, dumping of shares of GTBank by investors who remained indifference to the 2016 financial results made the stock to close lower at N24.61 per share, along with Nigerian Breweries Plc, which led other price losers with 5.0 per cent to be at N130.36 per share.

GTBank had on Wednesday reported gross earnings of N414.62 billion for the year ended December 31, 2016, showing an increase of 37 per cent from N301.85 billion in 2015. Profit before tax stood at N165.14billion, representing a growth of 37 per cent over N120.69billion recorded in 2015, while profit after tax rose from N99.436 billion in 2015 to N132 billion.

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