FEB 20, 2019: NIGERIA: NESTLÉ DOWN N20 BUT....

Because it is the top priced equity in the Nigerian stock market, when Nestle Nigeria declines or increases in price it is most times in a big way.

On Monday February 18, 2019 it rose by N35 or 3.24% per share after sliding by N25 or 1.57% per share the previous trading day, Friday February 15.

On Wednesday February 20, it led price drop once again this time by N20 or 1.25% per share to close at N1580 per share after touching day high of N1600 and dropping to a low of N1540.2 per share from Friday's N1600.

This time, Nestle recorded 70 deals for 0.743m shares worth 2nd ranked N1.156bn but the catch really, its double digit drop was a solo really and no other price decline was above N1 per share.

Its closest was Unilever Nigeria withN0.6 or 1.38% per share drop amidst 72 deals for 3.534m shares worth N150.727m.

There were in fact only 16 price drops and 26 gains meaning that it was even a surprise of sorts that the All share index rose by only 0.64% to 32,614.06.

Amongst the gainers, Nigerian Breweries led with N7.5 or 10% per share rising most of the day. It hit day high of N82.75 per share, then a low of N77.55 before closing at N82.50  compared to N75 per share previously.

This was as it witnessed 86 deals involving 2.672m shares worth N214.216m 

It was followed by 11 Plc (Erstwhile Mobil Nigeria) as it shed N1.8 or 1.07% per share while recording 44 deals for 0.101m shares valued at N17.411m.

There was relative improvement all round in trading activities. A total of 4697 deals were struck for 443.784m shares worth N5.642bn as against 4549 deals that led to exchange of 352.413m shares for N4.084bn.

Slightly ahead of the  above N1bn traded value recorded by Nestlé for the day, Guaranty Trust Bank paced traded value with N1.42bn realised by investors in 323 deals for 37.432m shares while closing up by N0.3 per share.

On the other hand, Sterling Bank led traded volume with 105.753m of its shares offloaded but not with the usual scramble for the bank's shares. Only 111 deals were sealed worth N253.750m while it closed up N0.11 per share.

In contrast, Zenith Bank recorded trade of only 16.799m shares while closing up N0.45 or 1.78% per share and it ended with leading 470 deals worth N434.041m.

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