FEB 26, 2019: NIGERIA: NESTLE DOWN 4.43%

Nestlé Nigeria is not a stranger to sharp price changes but most cases it is not a solo but on Tuesday, February 26, it was to an extent at the Nigerian Stock Exchange.

Nestle is the market's top priced equity and in February alone, it has closed sharply up and down five times before the one of Tuesday.

It rose by N30 or 3.66% per share on February 8th, added another N90 or 6% by the 12th   before shedding N25 or 1.57% on the 15th before losing another N20 or 1.35% per share on 20th after topping up with N35 or 2.24% on February 18th.

On Tuesday, it did a solo down with  N70 or 4.43% per share to close at N1510 per share after hitting day low of N1508.7 compared to Monday's N1580 per share.

It turned out to be the lone equity with above N1 per share drop hence was principally responsible for 0.69& drop in the All share index to 32,473.82 despite there being 21 price gains and 20 drops.

This was as Nestlé recorded 42 deals that led to exchange of 0.053m shares for N80.753m.

However, at the other end of the rope, 2 equities closed up N1 per share or above.

Guinness Nigeria found and closed at N67.15 up N2.05 or 3.15% per share to pace gainers as it recorded 27 deals for 0.178m shares worth N3.373m.

Dangote Flour followed with N1 or 9.05% per share gain to witness 286 deals for 16.091m units valued at N193.325m.

Trading picked up considerably but this was mainly in low priced equities and so, traded value dropped by more than 50%.

A total of 4066 deals were sealed for 322.180m shares worth only N2.434bn compared to Monday's 2999 deals which involved 219.808m shares valued at N5.549bn.

Top trade was in Sun Assurance in which 50.807m shares were offloaded in just 9 deals worth N10.161m.

Top traded value was however recorded by Guaranty Trust Bank as investors realised N677.661m from 253 deals for 17.765m shares while closing N0.05 per share down.

None of them could match interest shown in Zenith Bank though as it paced number of deals with 382 for 14.541m shares worth N378.137m while shedding N0.2 or 0.77%.

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