Nestle Nigeria mid-year result excites investors on NSE

Investors on the Nigerian Stock Exchange (NSE) on Tuesday reacted positively to Nestle Nigeria Plc unaudited result for the six months ended June 30.

The company during the period posted revenue of N135.29 billion against N121.92 billion achieved in the corresponding period, indicating an increase of 10.97 per cent.

Profit before tax rose by 30.31 per cent to N31.87 billion from N24.46 billion recorded in the comparative period of 2016.

Also, profit after tax stood at N21.46 billion compared to N16.55 billion posted in the previous period.

Consequently, the stock led the gainers’ chart on the exchange, gaining N98 to close at N74.70 per share.

Seplat followed with a gain of N16.50 to N704, while Cement Company of Northern Nigeria appreciated by N1 to close at N31 per share.

Nigerian Breweries added 50k to close at N105, while Champion Breweries advanced by 11k to close at N1.98 per share.

Our correspondent reports that the market indices maintained an upward trend with a growth of 0.19 per cent.

The All-Share Index which opened at 36,946.05 grew by 71.73 points or 0.19 per cent to close at 37,017.78.

Also, the market capitalisation inched N26 billion or 0.19 per cent to close at N13.409 trillion in contrast with N13.383 trillion on Monday.

Conversely, Okomu Oil recorded the highest loss, shedding N8.30 to close at N74.70 per share.

Beta Glass trailed with a loss of N1.05 to close at N76.95, while PZ was down by 90k to close at N15.10 per share.

Zenith International Bank lost 70k to close at N23, while Flour Mills also depreciated by 70k to N28.70 per share.

However, the volume of shares traded closed lower with an exchange of 244.97 million shares valued at N4.49 billion exchanged in 5,945 deals.

This was against a turnover of 319.40 million shares worth N3.05 billion transacted in 4,091 deals.

Guaranty Trust Bank was the most active stock, exchanging 39.65 million shares worth N1.61 billion.

United Bank for Africa followed with an account of 27.99 million shares valued at N272.47 million, while Sterling Bank traded 26.89 million shares worth N37.85 million.

FBN Holdings sold 23.08 million shares valued at N232.46 million, while United Capital accounted for 10.38 million shares worth N32.71 million.