WEEK 43: NESTLÉ SEEKING NEW HIGH AT NIGERIAN STOCK MARKET

October 27, 2017 Nestle Nigeria closed week 43 in search of a new year high rising by N30 or 2.50% to N1230 per share.

This was just N20 short of it all year high and way beyond it year low of N570 per share.

At N1200 per share Thursday close, Nestle was down a few Kobos on its week 42 closing price but the Friday leap made it to end week 43 N29.73 per share higher thus leading all gains for the week as well.

In all there 23 price gainers on Friday;  31 when compared to previous Friday close and Nestlé Nigeria paced them all as it opened Friday at day low of N1215 then climbed further to end the day at N1230 per share.

However, it witnessed only 54 deals for 0.148m shares worth N181.34m on Friday and was not among the top five by volume or traded value for the week.

Top traded equity for the week was UBA in which 231m shares changed hands in 5th highest 924 deals worth 3rd ranked N2.138bn.

It was followed by FBN Holdings with all week leading 1381 deals for 125m units worth N761.75m of which Friday's leading 368 deals for an offload of 76.396m shares worth N473.8m, accounted for much.

Week high traded value was as GTB witnessed 4th placed 972 deals for 63.32m shares worth N2.654bn. On Friday though only 166 deals involving 6.839m shares worth N285.5m occurred in GTB.

Zenith bank recorded 2nd highest traded value for the week at N2.16bn in also 2nd rated 1303 deals for 4th ranked 83.78m shares.

Total Nigeria paced all week price drops with N12.25 per share as it closed Friday at N232.75 per share after easing from N245 per share last Friday close.

Actually, Total Nigeria had closed firm at N245 per share through the week till Friday before closing at the Friday low while recording 21 deals for 0.031m shares worth N7.25m.

It was the same Friday Nigerian Breweries trailed Nestle' lead with N3.00 per share drop to end the full week down by N8.01 to N152 per share from previous Friday's N160.01.

In % terms, Total Nigeria's 5% decrease was also the pacesetter but it shared this limelight with UACN which dropped N0.95 or 5% per share and recorded 125 deals for 1.114m units worth N20.18m.

There were also 23 price gainers on Friday led by Learn Africa and Caverton Offshore in % terms with 5% each or N0.04 per share drop for Learn Africa and N0.06 per share decrease for Caverton Offshore.

Thus, propelled by the Nestle price increase, the All shares index reversed direction by closing 0.27% up at 36509.19 compared to Thursday's punctuation of two day rise with 0.29% decrease.

On the other hand, trading indicators trended downwards on Friday with volume dropping by 29.7% to 250.89m shares; traded value declining by 28.8% to N3.00bn and number of deals going down by 9.49% to 3968.

Top traded value was recorded by Dangote Cement as it witnessed 55 deals for 2.429m shares worth N531.91m but this did not get it to top five by traded value for the week.

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