Nestle Lifts Stock Market by 1.03% as Livestock Trades 101m Shares

By Modupe Gbadeyanka

The Nigerian Stock Exchanged (NSE) rebounded on Tuesday after investors lost N116 billion in the previous day’s trading session.

Business Post recalled that Nigerian stocks, on Monday, had welcomed President Muhammadu Buhari back into the country from a 3-month medical leave with a 0.91 percent decline, but at the close of transactions today, the market went up by 1.03 percent, following gains recorded by Nestle and 21 other stocks.

Nestle chalked up N20.19k to close at N1220.20k per share, while Total Plc appreciated by N11.40k to finish at N239.51k per share.

Dangote Cement expanded by N9.28k to settle at N224.90k per share, Forte Oil moved up by 50k to end at N50.50k per share, and NASCON consumed 48k to swell to N13.50k per share.

Like the previous day, the market breadth closed positive today with 22 gainers against 21 losers led by Mobil, which depreciated by N11.25k to settle at N213.81k per share.

It was closely followed by Conoil, which lost N3.30k to end at N30.59k per share, and Flour Mills of Nigeria, which depreciated by N1.15k to finish at N29.85k per share.

Furthermore, Zenith Bank shed 95k to close at N23.5k per share, while UACN went down by 80k to wrap the day at N15.70k per share.

A look at the major market indicators showed that the All-Share Index (ASI) gained 378.04 points to close at 36,962.48 points, while the market capitalisation puffed-up by 130.3 billion to finish at N12.7 trillion, and the year-to-date gain expanded to 37.54 percent.

However, the volume and value of shares exchanged at the market on Tuesday closed lower than on Monday.

A total of 244.3 million shares worth N3.7 billion were traded today in 3,829 deals compared with 368.4 million units valued at N6.3 billion executed yesterday in 3,729 deals.

A breakdown of today’s trade showed Livestock emerging the most traded equity, accounting for 101.2 million units sold for N101.12 million.

It was followed by GTBank, which traded 16.5 million shares worth N670.5 million, and UBA, which transacted 15 million units valued at N141.3 million.

In addition, Sterling Bank exchanged 13.5 million shares worth N13.5 million, while Dangote Sugar traded 8.5 million shares at N110.9 million.