Nigerian Breweries Plc (NB), the country’s biggest brewer by market value, fell by the daily limit to a three-month low.
The stock sank 5 percent to 91.30 naira as of 2:38 p.m. in Lagos, the commercial capital. A close at this price will be the lowest since Nov. 30. The Nigerian Stock Exchange All-Share Index slipped 1.4 percent.
Nigerian Breweries has lost 7.3 percent in the past three days. The company will pay a dividend of 3 naira and no bonus, Renaissance Capital said Feb. 23, citing a report handed out on the floor of the Nigerian Stock Exchange.
“The market feels that the dividend yield is lower than they can get from other sectors,” Tunde Abidoye, Lagos-based analyst at FBN Capital, said by phone today, without specifying the other sectors.