Heavy losses recorded by two consumers goods companies – Cadbury Nigeria Plc and GlaxoSmithKline, GSK Plc – last week resulted in N91 billion decline in investors’ wealth on the Nigerian Stock Exchange, NSE.

Trading statistics showed that Cadbury Nigeria Plc’s shares, which topped other 37 losers, fell by huge 16.21 per cent to close at N13.13 as investors take a flight to safety.

The company had within the week released its nine months financial results for the period ended September 30, 2016 which showed a negative financial position. Though its revenue was up 1.2 per cent from N21.073 billion in quarter 3, 2015 to N21.326 billion, it recorded loss after tax of N842.16 million as against N28.55 million profit after tax posted a year earlier. Gsk’s shares trailed behind by 14.19 per cent decrease to close at N15.78.

Consequently, the market capitalisation, which represents investors’ wealth dropped by 0.95 per cent to close at N9.479 trillion from N9.570 trillion in the previous week.

The All Share Index, ASI, depreciated by the same margin, closing at 27,596.52 points from 27,861.03 points. Similarly, all other indices finished lower during the week with the exception of the NSE industrial goods index that appreciated by 0.52 per cent, while the NSE ASeM Index closed flat. The oil and gas sector depreciated the most at 2.98 per cent on the back of 12.28 per cent losses in Forte Oil Plc.

The consumer goods sector declined by 1.94 per cent; insurance sector was down 0.64 per cent, the banking sector fell by 0.50 per cent. A total of 38 stocks depreciated in price during the week, while 16 others recorded price appreciation.

Caverton Offshore Support Group Plc led the gainers, appreciating by 13.16 per cent to close at N0.86, followed by N.E.M Insurance with five per cent or N0.04 increase to close at N0.84. Neimeth Intn’l Pharmaceutical Plc closed as the third, rising by 4.88 per cent or N0.04 to close at N0.86, while Wema Bank Plcand Beta Glass were the last on the top five gainers table, as they appreciated by 4.84 per cent and N3.33 per cent to close at N0.66 and N31.00 respectively.

A turnover of 674.721 million shares worth N7.657 billion were exchanged by investors in 12,290 deals in contrast to 1.163 billion shares valued at N9.251 billion that exchanged hands the previous week in 14,992 deals.

The financial services sector measured by volume led the activity chart with 495.992 million shares valued at N2.767 billion traded in 6,522 deals; thus contributing 73.51 per cent and 36.14 per cent to the total equity turnover volume and value respectively.