Nestle Nigeria Lifts NSE Trading by 0.33% on Bargain Hunting

By Dipo Olowookere

Trading at the Nigerian Stock Exchange (NSE) was lifted on Tuesday by 0.33 percent from the 0.24 percent loss posted on Monday.

Gains recorded by Nestle Nigeria and 13 other equities lifted the spirit of investors today, with the stock appreciating by N50 to close at N1430 per share.

CCNN improved by N1.80k to settle at N20.15k per share, while Nigerian Breweries increased its share value by N1 to end at N81 per share.

Guinness Nigeria also gained N1 to close at N74 per share, while Dangote Sugar added 55 kobo to its share price to end at N13.45k per share.

Conversely, a total of 23 equities depreciated in value during the trading session with Flour Mills topping the losers’ log after going down by N1.50k to end at N17 per share.

GTBank went down by 70 kobo to finish at N37.30k per share, while Fidson declined by 50 kobo to close at N4.50k per share.

UACN Property deflated by 17 kobo to settle at N1.60k per share, while Union Bank depleted by 15 kobo to end at N4.90k per share.

Business Post reports that the All-Share Index (ASI) increased by 105.85 points today to close at 32,154.03 points, while the market capitalisation appreciated by N39 billion to settle at N11.739 trillion.

At the close of business today, the volume of shares traded decreased by 5.18 percent, while the value increased by 59.55 percent.

It was observed that a total of 149.7 million shares worth N2.8 billion exchanged hands today compared with the 157.8 million units traded yesterday worth N1.8 billion.

These trades were dominated by the stocks in the financial sector, accounting for 112.8 million shares traded for N1 billion, while equities in the consumer goods sector followed with 18.2 million units sold for N1.2 billion.

Fidelity Bank topped the activity chart on Tuesday with a total of 22 million shares exchanged for N42.2 million.

It was followed by Regency Assurance, which sold 19.4 million units worth N4 million, and GTBank, which traded 11.8 million shares valued at N447.1 million.

FBN Holdings transacted 10.9 million equities for N81.5 million, while Zenith Bank exchanged 10.1 million shares worth N241.3 million.

Business Post reports that today’s performance was mainly buoyed by renewed bargain hunting, with the news of the lifting of suspension on four companies by the Nigerian Stock Exchange (NSE). The shares were Premier Paints Plc, Ekocorp Plc, Austin Laz & Company Plc and Academy Press Plc.