Market cap adds N50bn on Nestle performance

The equity market yesterday rallied on the shares of Nestle Nigeria to add N50 billion to the market capitalization to close at N13,147 trillion.

The NSE ASI appreciated by +0.38% to close at 38,144.02 basis points as against +1.26 per cent appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +41.93 per cent.

Market breadth closed negative as Guinness led 21 Gainers as against 23 Losers topped by Champion at the end of today’s session- an unimproved performance when compared with previous outlook.

Market turnover closes positive as volume moved up by +50.61 per cent as against -14.25 per cent downtick recorded in the previous session. JAIZBANK, FCMB and FBNH were the most active to boost market turnover. NESTLE and NB topped market value list.

The banking stocks of Jaiz bank, FCMB, FBNH and access bank over 168 million shares valued at around N500 million.

JAIZBANK leads the list of active stocks that recorded impressive volume spike at the end of today’s session, while the shares of Nestle Nigeria ramped up by N45.07 to close at N1200 per share.

The summary of the market activities shows that, a total of 328 million shares valued at N6.1 billion exchanged hands in 4,983 deals.