Food Concepts PLC Depreciation Sparks Market Dip

The parent company of fast food chain Chicken Republic and Pie Express, Food Concepts Plc, experienced a 0.21 per cent depreciation on the NASD Over-the-Counter (OTC) Securities Exchange on Wednesday, October 7th, impacting the market’s overall performance.

This decline in the firm’s stock value was reflected in a 8.7 per cent drop in the midweek session, compared to the previous day’s closing price of N2.75 per unit, despite a market bellwether, FrieslandCampina Wamco Nigeria Plc, exhibiting a 0.2 per cent gain.

However, the market capitalisation of the firm gave up N5.61 billion to settle at N2.638 trillion, a significant shift from the previous day’s N2.643 trillion, while the NASD Security Index (NSI) dipped by 9.34 points to 4,395.52 points, signaling a broader market downturn.