JULY 19, 2017 : NESTLE DOWN N16.50 AT NIGERIAN STOCK EXCHANGE

At the Nigerian stock market Wednesday July 19 2017, highest priced equity, Nestle Nigeria went down M16.50 per share as brokers apparently still remain unclear which direction to go further with it.

With Nestle, up today and down the next day or a couple hence, was not strange. Just on July 18, that is the previous trading day, it had gained N16 per share or 1.77% while recording 30 deals.

Way back on 5th and 6th July, the same dance steps had also occurred. It gained N0.50 per share on the 5th only to lose the same amount the next day.

Ditto 28th and 30th June. With 49 deals on June 28, it gained N9.99 per share or 1.11% and lost N9 per share on the 30th also while recording 49 deals.

The recent drop was the day's highest at the market and was accompanied with 34 deals for 0.060m shares worth N62.8m.

It was trailed from a distance by Presco down N3.22 per share or 4.99%. Presco witnessed 45 deals for 0.58m worth N35.8m.

Top traded value was recorded in Zenith bank at N727.8m in 2nd ranked 293 deals for equally leading 33.1m shares . Zenith gained N0.45 per share or 2.09%.

Total traded value naturally at N3.29bn was no where near the previous day's above N21bn which was beefed up by the N19 bn plus deal crossed by UBA.

Zenith's lead was followed by Dangote Cement with 40 deals for 1.85m units worth N386.6m; GTB with 6th ranked 192 deals involving 7.09m shares worth N261.45m and UBA in which also 4th placed 241 deals for 2nd ranked 28.2m shares worth N251.7m.

Traded volume came to 331.4m, again not near the previous day's exceptional level but unlike the previous day, number of deals rose by 9.15% to 4055.

Sterling Bank paced the market in this regard as it witnessed 311 deals for 10.36m shares worth N10.39m. It had lost N0.04 per share or 0.96%.

The All shares index inched upwards once again rising by 0.23% to 33,514.93.

There were 24 price gainers led by Transcorp, up 8.76% or N0.12 per share and the duo of PZ Cussons and Skye Bank with 5% increase each.

However, in Naira terms, lead gain was by Seplat Petroleum up N9.98 per share or 2.1% followed by Guinness with N3.10 per share or 4.92%.

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