Nestle, GTB, Zenith, others lift stock market by 0.49%

Nigeria’s stock market sustained gain on Tuesday April 28, thanks to investors who see value in shares of Nestle Nigeria Plc, GTBank Plc, Zenith Bank Plc, Dangote Sugar Refinery Plc and FBN Holdings Plc.

The significant positive movement in these large cap stocks helped the market to defy analysts expectations of a bearish session.

Increased bargains in the counters impacted positively on their prices, leading to

N98billion increase in value of listed stocks on the Nigerian Stock Exchange (NSE).

Nestle led the basket of advancers after its share price moved from day open low of N910 to N920.2, adding N10.2 or 1.12percent.

It was followed by GTBank which increased from N20 to N21 adding N1 or 5percent; while Zenith Bank share price moved from N14.2 to N14.85, up 65kobo or 4.58percent.

The Nigerian Stock Exchange (NSE) All Share Index (ASI) which tracks the performance of the Bourse increased by 0.49percent from 22,616.28 points to 22,727.87 points on Tuesday April 28.

Unilever Nigeria Plc recorded the highest decline after its share price moved from N11 to N10.5, losing 50kobo or 4.55percent while Lafarge Africa Plc followed after its share price moved from day open high of N11.45 to N11.2, losing 25kobo or 2.18percent.

The market’s negative return year to date stood at -15.33 percent. Also, the value of listed stocks increased by N98billion from N11.786trillion to N11.844trillion.

In 4,259 deals, investors exchanged 266,627,724 units valued at N2.75billion. UBA, FBN Holdings, Access Bank, Zenith Bank and FCMB were actively traded stocks on the Bourse.

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By Iheanyi Nwachukwu • April 28, 2020

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.