SEPT 12, 2017: NESTLE TUMBLES N59.80 AT NIGERIAN STOCK EXCHANGE

Today, Tuesday September 12, 2017, Nigeria's highest priced equity Nestle Nigeria, tumbled from good height down N59.80 or 4.94% per share to help force the All shares index down for the third day running by 0.75% to 35,397.52.

Nestle Nigeria had closed yesterday at N1210 per share. Not its highest since the year but still very much above the historic N1000 mark. Then it opened today at N1200 per share, slipped some more to a day low of N1150.2 and closed there.

It recorded 58 deals for 0.298m units worth N367.51m which turned out to be the 4th highest traded value for the day despite the marked price drop.

From quite a distance, another blue chip Nigerian Breweries went down N4.45 per share or 2.41% and witnessed 5th ranked 161 deals for 5.429m shares worth 2nd placed N987.61m

On the other side of the scale, dramatic gain too was recorded by Seplat Petroleum, up N22.89 per share or by 5.0%. Seplat closed Monday at N457.9 per share; opened today at N479.9 then hit day high of N480.79 at which it ended the day.  It also recorded 14 deals involving 0.225m shares worth N113.276m.

Like Nestle, it was way ahead of the next: Okomu Oil which gained N2.99 or 4.99% to N62.89 per share. It had closed yesterday at N59.9  then opened at the day's closing price.

In the end, the drop in ASI was driven this time around not by higher % drop in Premium index but 2.18% drop in consumer index to 941.34; 1.86% decline in industrial index to 1973.22 and 1.50 decrease in  insurance index to 135.16.

The lone major increase in sectoral index occurred in oil and gas index, up 2.15% to 295.84 from yesterday's 289.62 no doubt in view of the decline in Seplat Petroleum with support from others like Oando which eased marginally.

Trading was upbeat though with traded volume growing by 225.5% to 373.49m shares; traded value hitting N5.766bn, up 165.5% on yesterday's level and number of deals increasing by 29.7% to 4193.

Traded value was driven more by GTB's 2nd ranked 360 deals and 50.14m offload worth N1.895.5bn; the Nigerian Breweries deals and by Zenith bank's leading 476 deals for 3rd ranked 39.3m shares worth N900.07m.

On the other hand, top volume was recorded in Diamond Bank as it witnessed 130.726m offload in 78 deals worth N150.585m followed by GTB, Zenith then FBN Holdings with 3rd placed 329 deals for 23.02m shares worth N132.8m.

These were also the leading deals except Oando with 4th ranked 198 deals for 4.10m shares worth and the duo of La Farge Africa and Access bank with 139 deals each.

La Farge ended with 4.329m shares changing hands for 5th placed N223.74m and Access bank recorded its own deals as 11.56m shares were sold for total worth of N111.87m.

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