Nestle gain lifts NSE indices by 0.63%

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…As MD says Lafarge Africa will leverage on Premium Board status to strengthen integrity***

Some blue chips recorded price appreciation on the Nigerian Stock Exchange (NSE) with the market indicators improving by 0.63 per cent.

Nestle recorded the highest gain to lead the gainers’ table, growing by N12.50 to close at N1,422.50 per share.

Betaglass followed with a gain of N3.55 to close at N75.50 , while GlaxosmithKline added N2.65 to close at N34 per share.

Julius Berger appreciated by N1.95 to close at N25.95, while Lafarge Africa advanced by N1.60 to close at N46.60 per share.

Consequently, the market capitalisation improved by N92 billion or 0.62 per cent to close at N14.733 trillion as against N14.641 trillion on Monday.

Similarly, the All-Share Index which opened at 40,533.37 inched 255.31 points or 0.63 per cent to close at 40,788.68.

On the other hand, Okomu Oil Palm topped the losers’ chart, declining by N3.15 to close at N75.50 per share.

Presco trailed with a loss of N1.35 to close at N68.65, while Cement Company of Northern Nigeria dropped by 65k to close at N19.50 per share.

Dangote Cement depreciated by 50k to close at N249, while UACN was down by 30k to close at N17.20 per share.

The volume of shares traded closed upbeat as investors staked N10.91 billion on 1.60 billion shares transacted in 4,729 deals.

This was against a turnover of 192.49 million shares valued at N3.13 billion achieved in 3,917 deals on Monday.

FCMB Group of the banking industry led the activity chart, exchanging 952.53 million shares worth N2.35 billion.

United Bank for Africa followed with an account of 382.47 million shares valued at N4.21 billion while Zenith International Bank traded 65.23 million shares worth N1.76 billion.

Access Bank sold 51.85 million shares worth N585 million, while Japaul Oil and Maritime exchanged 20.34 million shares valued at N10.56 million.

Meanwhile, Lafarge Africa Plc on Tuesday said the company would leverage on its new Premium Board status to strengthen integrity in all areas of operation.

Mr Michel Puchercos, the company’s Managing Director, said the company would continue to maintain integrity in its operations as well as compliance to rules and regulations.

Puchercos said the company had adopted the LafargeHolcim Code on Ethics and Business Conduct to ensure that all directors, officers and employees shared a common commitment to conducting business with integrity.

According to him, the code also ensures compliance with existing rules and regulations relevant to the company’s operations.

Puchercos urged the other companies on the Premium Board to leverage their new status for the overall good of the investing public.

The News Agency of Nigeria (NAN) reports that Lafarge Africa on April 16 migrated to the elite Premium Board of the Nigerian Stock Exchange (NSE).

The other companies that were migrated along with Lafarge were Access Bank, United Bank for Africa (UBA) and Seplat Petroleum Development Company Plc.

The Premium Board is NSE’s listing segment for showcasing companies that are leaders in their sectors.

It features companies that adhere to international best practices on corporate governance and satisfy NSE’s highest standards of capitalisation and liquidity.

It also serves as a benchmark for investors looking to track the performance of large firms with excellent corporate governance and sustainable business models.

The Premium Board opens new frontiers to attract investment from global fund managers and portfolio investors.

NAN also reports that to be listed on the Premium Board of the NSE, the aspiring companies must attain a minimum market capitalisation of N200 billion as at the date of application.

They are also required to have a minimum score of 70 per cent on the Corporate Governance Rating System (CGRS).

The companies must maintain a minimum free float of 20 per cent of their issued share capital or a free float value equal to or above N40 billion, as well as meet other standard listing criteria.

The NSE Premium Board and the associated Premium Board Index were launched on Aug. 25, 2015.