Bargain hunting in Nestle, Seplat stocks seen lift NSE

The Nigerian stock market closed in the green zone on Wednesday September 11 as bargain investors moved to take positions in value counters like Nestle Nigeria Plc and Seplat Petroleum Development Company Plc (SEPLAT).

Stocks investors gained approximately N52billion at the sound of closing gong. Nineteen stocks gained against 13 losers.

The Nigerian Stock Exchange (NSE) All Share Index (ASI) increased by 0.39percent while the Year-to-Date (YtD) return stood at -13.61percent. The All Share Index closed at 27,153.53 points as against the preceding day close of 27,047.58 points while Market Capitalisation closed at N13.210 trillion as against preceding day close of N13.158 trillion.

Nestle Nigeria Plc recorded the highest gain, from N1080 to N1120, adding N40 or 3.70percent, followed by SEPLAT which advanced from N426 to N450, adding N24 or 5.63percent.

On the losers table, Guinness Nigeria Plc declined most, from N37.3 to N37, after losing 30kobo or 0.80percent, followed by Flour Mills Plc which dipped from N13.5 to N13.25, after losing 25kobo or 1.85percent.

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By Iheanyi Nwachukwu • September 11, 2019

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.