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Nestle drops off list of top five most capitalised firms, as shareholders lose N96.30bn

Nestle drops off list of top five most capitalised firms, as shareholders lose N96.30bn

Nestle has been knocked out of the top five most capitalised companies list after a sell off among shareholders devalued the firm’s stock on Tuesday at the Nigerian capital market.

The share exchange on the trading floor of the Nigerian bourse saw the total investment of Nestle shareholders fall by 7.80% during the eight hours activities, according to Ripples Nigeria analysis.

This dip in Nestle’s market capitalisation represents a loss of N96.30 billion in shareholders total investment, which dropped to N1.13 trillion, from N1.23 trillion.

Nestle’s loss was caused by the capital market pricing its stock at N1435 per share, below the N1556.5kobo that the equity was priced at on Monday at the Nigerian Exchange Group (NGX).

Read also: Nestle, Nigerian Breweries, MTN and Mutual Benefit make Ripples Nigeria stocks-to-watch list

It made Nestle lose its fifth position on the most capitalised companies list, with the top five now including Dangote Cement, Airtel Africa, MTN Nigeria, BUA Cement and BUA Foods.

Since 2019, when MTN Nigeria and Airtel Africa listed on the Nigerian bourse, the top five most capitalised companies have included the two network providers, Dangote Cement, BUA Cement and Nestle – until now.

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