Fakoyejo OlalekanInternational Breweries investors lost -6.89% of their investment after five days of trading this week, as the alcoholic producer’s share depreciated in the Nigerian stock market.
Their loss was caused by sell off among shareholders on the exchange floor, who offloaded their holdings out of fear that their investment will lose value as the company prepares to release its financial statement for the second quarter of 2022.
International Breweries stock had started this week with N5.8kobo per share, but the sell off wiped off the value in the stock market, causing it to dip by -6.89%, ending the week with N5.4kobo.
As a result of the fall in International Breweries’ share value, investors that hold the company’s stock recorded a combine loss of N10.74 billion, ending the week in a disappointing position.
The loss saw the market capitalisation of International Breweries slump from N155 79 billion to N145.05 billion ahead of its financial disclosure, according to Prime Business Africa analysis.
This means International Breweries ended the week among the losers list, and will start next week’s trading at the losers’ position, creating uncertainty for future growth, as investors could either extend their sell off or hold their shares, depending on their confidence in the yet to be released Q2 earnings report.
Follow Us