Nestle Nigeria Lifts Equity Market After Gaining N51

By Modupe Gbadeyanka

The Nigerian Stock Exchange (NSE) recorded its second gain of this week on Thursday after two successive losses.

At the close of transactions yesterday, the equity market was up by 0.22 percent with the Year-to-Date (YtD) returns finishing at -4.75 percent.

While the All-Share Index (ASI) increased by 80.42 points to finish at 36,427.22 points, the market capitalization appreciated by N29 billion closed at N13.196 trillion.

However, at the close of business, the volume of shares transacted by investors decreased by 48.10 percent, as well as the value of equities exchanged, which went down by 18.34 percent.

A total of 171.2 million equities were traded on Thursday worth N3 billion compared with the 329.9 million shares worth N3.7 billion exchanged on Wednesday.

Zenith Bank emerged as the day’s most active stock, selling a total of 30.3 million units worth N717.2 million.

It was followed by United Bank for Africa, which sold 21.7 million shares valued at N205.7 million, and FCMB, which exchanged 19 million equities for N36 million.

Fidelity Bank transacted 16.7 million shares worth N31.3 million, while Nigerian Breweries exchanged 7.3 million equities valued at N761.2 million.

Business Post reports that when market activities were brought to an end yesterday, the Financial Services sector led the activity chart with 122.2 million shares exchanged for N1.2 billion, followed by the Consumer Goods sector, which traded 15.4 million equities valued at N1 billion.

An analysis of the price movement chart showed that Nestle Nigeria topped the gainers’ log after appreciating by N51 to close at N1501 per share.

It was followed by CCNN, which rose by N2.30k to finish at N28.50k per share, and NASCON, which went up by 50 kobo to settle at N20.50k per share.

Zenith Bank grew by 45 kobo to end at N23.70k per share, while Cutix increased by 39 kobo to close at N4.38k per share.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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