NOV. 22 2017: NESTLE NIGERIA HITS NEW HIGH AT NIGERIAN SE

Today, Wednesday November 22, 2017, Nigeria's bluest of the blue chips, Nestle Nigeria plc, hit a new all year high as it closed at N1300 per share, N10 higher than its highest level before and still remains the only equity in the Nigerian stock exchange quoted at above N1000 per share.

It had closed yesterday at N1261.51 per share then opened today at its old year high N1290 per share then closed the day at the new high thus topping by N38.84 or 3.08% per share,

At that level, Nestle now has price earnings ratio of 43.05 and it ended the day with 60 deals  involving 0.878m shares worth N1.139bn. Indeed, this traded value was 2nd only that recorded by top capitalised Dangote Cement.

Dangote Cement rose very marginally and recorded 65 deals for 5.07m shares worth N1.166bn. Meaning that both equities accounted for 41.4% of the N5.56bn traded value for the day, which actually rose by 67% on yesterday's N3.29bn.

But neither equity paced traded volume  and number of deals struck. Nestle Nigeria's leading Naira gain was followed from a distance by Unilever with N2.15 or leading 5.69% per share.

Unilever closed yesterday at N37.8 per share; opened the day at N38.05 then closed at day high of N39.95 per share and witnessed 66 deals for 1.79m shares worth N71.448m.

In terms of number of relative offloads, yes today was like Friday's giddy market.  It was paced by Custodian Insurance with 55.177m shares offload in 27 deals worth N207.02m as it went down by N0.12 per share.

Then after leading offload in just 2 deals, Tantalizers Plc today recorded another offload in just one deals for 55.177m shares worth N207.02m as it eased by N0.12 per share.

UBA too recorded an offload of sorts with 31.65m units changing hands in 2nd placed 242 deals worth 5th ranked N302.146m. UBA gained N0.1 per share.

Finally, Fidelity bank ended with 102 deals for 4th ranked 28.364m shares worth N45.32m while topping up with N0.1 per share as well,.

The equity with the highest number of deals was Nigerian Breweries which incidentally lead Naira losers with N4.00 or 2.99% drop per share.

From yesterday's N134 per share, Nigerian Breweries had opened at N133.49, slipped further to day low of N129.50 before rallying a little to close at N130 per share. It paced the market with 323 deals for 6.017m units worth 3rd ranked N785.81m.

On its trail downwards was GlaxoSmithKline with N2.45 or leading 9.70% drop as it opened at N23.99 per share then closed at N22.8 compared to yesterday's N37.8 per share. GSK recorded 19 deals for 100,000 shares worth N2.3m.

In all there were 17 price gains and 23 price drops with the All shares index resuming snail pace upwards by rising by 0.024% to 36,608.78. Traded volume increased by 28.4% to 331.24m shares but number of deals eased by 5.61% to 3231.

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