Nigeria’s stock market on Wednesday September 29 saw its first gain this week, thanks to value counters like Nestle Nigeria Plc, Dangote Cement Plc, Northern Nigeria Flour Mills Plc and FBN Holdings Plc.
Visible bargain hunting in favour of these stocks and some others helped push the market to the green zone (+1.89 percent) while investors gained about N382billion. This gain helped reduce the negative return year-to-date (YtD) to -1.68 percent.
On September 28, Nestle S.A. the majority shareholder in Nestle Nigeria Plc bought 352,813 shares of the Nigerian unit at N1,399.50 per share.
At the close of trading on Wednesday, the share price of Nestle Nigeria Plc increased most on the Bourse, from N1400 to N1489, up by N89 or 6.36percent.
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Dangote Cement Plc made the top advancers league, moving from N245 to N261, up N16 or 6.53percent.
Other top advancers are Northern Nigeria Flour Mills which increased from N8 to N8.55, up by 55kobo or 6.88 percent, and FBN Holdings Plc which moved from N7.55 to N8.05, up by 50kobo or 6.62percent.
The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation increased from 38,858.99 points and N20.245trillion respectively to 39,592.29 points and N20.627trillion.
Shares of FBN Holdings Plc, Universal Insurance Plc, AXA Mansard Plc, Zenith Bank Plc and Fidelity Bank Plc were most traded on Wednesday. In 3,547 deals, investors exchanged 474,371,197 units valued at N4.005billion.
