NSE: Nestle stocks gain reverses negative sentiments by +0.17 per cent

Equities trading on the Nigerian Stock Exchange (NSE) reversed negative trend as gains from Nestle Nigeria stocks buoyed the market to a positive close.

Precisely, the All-Share Index (ASI) advanced by 0.2 per cent to 24,972.89 points. Accordingly, the Month-to-Date and Year-to-Date losses moderated to -1.2 per cent and -7.0 per cent, respectively.

Trading in the domestic equities market was negative for most of the day, however, Nestle Nigeria trading limit went up by ten per cent at the end of the day’s session, ensured the market record its first gain since June 9, 2020.

Market sentiment, as measured by market breadth, was negative as 24 tickers declined, relative to 10 gainers. Seplat and Neimeth Pharmaceutical were the top losers of the day with ten per cent and 9.6 declines, while Nestle and Cadbury recorded the largest gains with ten per cent and 6.8 appreciation in share value.

However, most sub-sector performances didn’t mirror the market performance as only the NSE Consumer goods index rose by 4.19 per cent. The NSE Banking, NSE Insurance and NSE Oil/Gas tanked by 0.79, 2.95 and 4.37 percentiles respectively.

The total volume of trades increased by 32.7 per cent to 265.96 million units, valued at N2.71 billion and exchanged in 3,564 deals. Guaranty Trust Bank was the most traded stock by volume and value at 43.67 million units and N1.03 billion, respectively.

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