The Nigerian Exchange Limited’s end-of-Wednesday trading data shows that the country’s food and beverage industries have a combined market value of N10.84 trillion.
The aggregate market value of the beverage industry, which includes distilleries and brewers, was N2.06 trillion. With contributions of N997.65 billion and N908.77 billion, respectively, industry heavyweights Nigerian Breweries Plc. and International Breweries Plc. powered the figures.
BrandSpur news brand reports that mixed price moves were observed in the sector, too, with Guinness Nigeria Plc. seeing a 7.47% drop in share price, finishing at N65.00.
While trading volumes in the sector hit 3.87 million shares over 197 trades, other participants, like Golden Guinea Breweries Plc., contributed a meagre N8.85 billion. With a market capitalisation of N8.04 trillion, the food goods industry was the biggest contributor, with BUA Foods Plc. leading the pack at an astounding N7.47 trillion.
Dangote Sugar Refinery Plc., with a market value of N400.85 billion, and Honeywell Flour Mills Plc., with a market value of N72.24 billion, were two other noteworthy participants. Some businesses, like Multi-Trex Integrated Foods Plc., however, reported no trading activity, which is indicative of continuous operational difficulties.
Multinational corporations controlled the diverse food goods category, which had a market valuation of N745.56 billion. With an astounding N693.57 billion, Nestlé Nigeria Plc. led the subsector, followed by Cadbury Nigeria Plc with N51.99 billion.
