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Nigerian Stocks retreat on profit-taking in Nestle, Zenith, WAPCO

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Food giant Nestle’s drop followed its underwhelming 2020 financial performance.

Nigerian stocks fell 0.59 per cent on Tuesday, easily obliterating Monday gains as selling pressure on equities, especially blue chip stocks likeunderwhelming 2020 financial performance

, which has prompted the board to draw from the company’s retained earnings for 2018 and 2019 to shore up the dividend payout proposed for the last financial year. The consumer goods was the runt of the litter of the five sectorial indices, sliding by 3.86 per cent Index to 539.47 points.The benchmark index slid to 39,697.62 index points, while market capitalisation tapered to N20.770 trillion.Academy led gainers on the NSE, appreciating by 9.76% to close at N0.45. PZ climbed up by 9.38% to N5.25. Royal Exchange added up 8% to end today’s trade at N0.27. Beta Glass advanced by 8% to N54. Regal Insurance rose to N0.28, notching up 7.69% in the process.

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