Economy Foreign News

Total, Nestle lift trading on NSE

NSE: Market indicators dip further by N62 billion, closes at N13.1trn
Written by Maritime First

…As Minister doubts investors for debt-ridden S’African Airways***

Trading closed on positive note on the Nigerian Stock Exchange (NSE) on Thursday, with some highly capitalised stocks recording price appreciation.

The News Agency of Nigeria (NAN) reports that Total led the gainers’ chart with a gain of N15 to close at N198 per share.

The price movement chart indicates that Nestle followed with a gain of N10 to close at N1,380, while Nigerian Breweries appreciated by N4.40 to close at N9.50 per share.

Unilever rose by 50k to close at N43.50, while Dangote Cement advanced by 50k to close at N200.50
per share.

Consequently, market capitalisation inched N52 billion or 0.44 per cent to close at N11.881 trillion against N11.829 trillion achieved on Wednesday.

On the other hand, BetaGlass topped the losers’ chart, dropping by N6.90 to close at N62.10 per share.

CAP trailed with a loss of N1.45 to close at N28.60, while Julius Berger was down by 55k to close at N21 per share.

Cutix declined by 23k to close at N2.03, while Zenith Bank lost 20k to close at N24 per share.

NAN reports that a total of 349.46 million shares valued at N3.67 billion was traded by investors in 3,128 deals.

This was in contrast with 380.97 million shares worth N2.33 billion transacted in 3,278 deals on Wednesday.

FCMB Group maintained its leadership as the most traded, with 180.25 million shares worth N279.65 million.

Zenith Bank followed with an account of 24.49 million shares valued at N589 million, while Guaranty Trust Bank traded 23.83 million shares worth N869.88 million.

Access Bank exchanged 21.84 million shares valued at N184.36 million, while Diamond Bank traded 15.23 million shares worth N21.15 million.

Meanwhile, the South African Finance Minister, Tito Mboweni, says he doubts if the government will find any serious investor to take an equity stake in the struggling state-run South African Airways (SAA).

Mboweni told parliament on Thursday in Cape Town that his reason was because the airline was currently in a poor financial state.

“I doubt you are going to find an equity partner who will come into SAA in this current state.

“ As an equity partner you’d have to immediately assume debt of some 21 billion rand ($1.5 billion),” Mboweni said, a day after giving a bleak medium-term budget speech which rattled South African markets.


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Maritime First