Home Business PZ Cussons shares fall after naira hits parent firm’s H1

PZ Cussons shares fall after naira hits parent firm’s H1

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Shares in PZ Cussons shed almost 10 percent on Wednesday after its London-listed parent reported a drop in half-year profit citing tough trading conditions in Nigeria and a currency devaluation.

PZ Cussons, the local unit of British soap and shampoo maker PZ Cussons Plc, fell 9.17 percent to 29.82 naira per share, reports Reuters.

Cussons, the maker of Imperial Leather soaps, said potential further volatility in Nigeria’s currency and the upcoming presidential elections in Nigeria could be key contributing factors for the full year. Its operating profit fell 4 percent in the first half.

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