APRIL 16, 2019: NESTLE DRIVES INDEX UP AT NIGERIAN STOCK EXCHANGE

Nestlé Nigeria, yet in one of those leaps it is known for, on Tuesday April 16, 2019 almost single handedly drove the All share index at the Nigerian stock exchange up 0.85% to 29,746.24.

Sure, the day closed twice as many price gains as there were price drops ( 24 to 10) and additional 15 gains too minor to record; Nestle it was that lone ranged with the only above N1 per share price change for the day.

Being the highest priced equity in the market although with relatively low issued share capital, it thus was in a position to move the ASI its way aided by other price gainers

Nestle Nigeria leapt by N48.1 or 3.31% per share to close at day high N1500.3 per share after a low of N2500.1 compared to Monday's N1452.2 per share.

In terms of trade though, volume recorded at 0.145m shares was not much but it taken in 52 deals worth N218.012m.

Interestingly, Nestle paced price drops the previous day, Monday with N3.8 or 0.26% per share drop while recording 29 deals for 0.241m shares valued at N380.054m.

No other equity gained or shed up to N1 per share on Tuesday making it clear the Nestle price change was a deciding factor in the ASI rally.

Among price gainers, Dangote Flour trailed from a distance with N0.9 or 9.78% per share rise in more impressive 112 deals for 2.617m shares worth N26.536m.

On the price losers side, International Breweries led with N0.5 or 2.13% per share decline as it found and closed at N23 per share compared to N23.5 previously while witnessing 26 deals through which 1.345m of its shares were exchanged for N30.943m.

As for trading activities during the day, there were fewer deals for more shares also worth more mainly because of offload recorded in Guaranty Trust Bank.

A total of 2979 deals were sealed for 321.357m shares compared to 3175 deals involving 223.777m shares worth N1.785bn.

GTB was responsible for almost 50% of the traded value as investors realised N2.154 bn from offload of 2nd highest 61.053m shares of GTB in 192 deals while it closed up N0.5 or 1.42% per share.

The leading traded volume was as 134.139m shares of Union Bank of Nigeria were offloaded in just 39 deals valued at N912.177m while easing by N0.05 or 0.73% per share.

Zenith Bank still generated the day's investors interest as leading 298 deals were struck for 6.097m of its shares for N127.904m while gaining N0.4 or 1.95% per share.

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