Nestle Nigeria Lifts Stock Market by 0.47%

For the first time this week, transactions on the floor of the Nigerian Stock Exchange (NSE) ended on a positive note.

This was due to the gains posted by Nestle Nigeria and some other high-cap equities trading on the local bourse.

The market closed 0.47 percent higher on Thursday to put a halt to the negative trends at the exchange in the past days.

The main barometers of the NSE, the All-Share Index (ASI), went up by 140.35 points yesterday to finish at 29,749.35 points, while the market capitalisation increased by N62 billion to settle at N13.110 trillion.

Despite the gains of yesterday’s trading session, the volume of shares traded by investors went down by 23.57 percent to 301.2 million from 394.1 million, while the value increased by 53.96 percent to N5 billion from N3.3 billion.

Transcorp took the shine from Wema Bank, which topped the activity chart in the previous session. At Thursday’s trading day, Transcorp sold a total of 46 million equities worth N48.9 million.

GTBank, which followed, traded 31.9 million units for N979 million, while Access Bank exchanged 31.8 million shares valued at N210.2 million.

FBN Holdings transacted 28.7 million units worth N193.1 million, while Zenith Bank traded 23.3 million equities worth N464.8 million.

A look at the price movement chart indicated that Nestle Nigeria led the gainers’ team with N50 added to its share price to close at N1400 per share.

Seplat gained N30 to finish at N530 per unit, while International Breweries appreciated by N1.60k to settle at N18.30k per share.

CCNN improved yesterday by N1.20k to end at N13.20k each, while Dangote Cement garnered N1 to close at N185 per share.

On the other hand, Nigerian Breweries topped the decliners’ table on Thursday after the loss of N4.50k to finish at N57.50k per unit.

It was trailed by Forte Oil, which depreciated by N3 to end at N27.40k per share, and Okomu Oil, which declined by N2.60k to finish at N64 per share.

Berger Paints dropped 70 kobo to settle at N6.45k per unit, while Stanbic IBTC went down by 50 kobo to quote at N39.50k each.

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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