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Reversal of foreign investment crashes Guinness shares further

LAST week’s decision of Diageo Plc, owners of Guinness Overseas Ltd, the parent company of Guinness Nigeria Plc, to reverse its planned acquisition of additional 15.7 per cent equity stake in the Nigerian operation has worsened returns on investments in the stocks of the Nigerian entity.

 

Year-to-date, YtD, investment returns of the company’s shares deteriorated further at close of market yesterday to -33.7 per cent from -18.6 per cent registered just before the announcement of the decision. The stock investment returns had seen significant underperformance since this year standing at -21.1 per cent just before it announced an abyssimal first quarter results on September 21, 2016.

 

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Market News

Reversal of foreign investment crashes Guinness shares further

LAST week’s decision of Diageo Plc, owners of Guinness Overseas Ltd, the parent company of Guinness Nigeria Plc, to reverse its planned acquisition of additional 15.7 per cent equity stake in the Nigerian operation has worsened returns on investments in the stocks of the Nigerian entity.

 

Year-to-date, YtD, investment returns of the company’s shares deteriorated further at close of market yesterday to -33.7 per cent from -18.6 per cent registered just before the announcement of the decision. The stock investment returns had seen significant underperformance since this year standing at -21.1 per cent just before it announced an abyssimal first quarter results on September 21, 2016.

 

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