NSE: Nigerian Breweries rally on low price attraction

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Nigerian Breweries for the third consecutive day has maintained its leadership position on the Nigerian Stock Exchange (NSE).

The  stock in three days appreciated by N13.80 to close at N116. 80 per share.

Market analysts attributed the growth to low price attraction and activities of foreign investors presently taking position in the stock.

They said that investors were optimistic that the backward integration of the company would translate to improved performance.

Further breakdown of the price movement table indicates that Guinness followed with a gain of N4.75 to close at N99.75, while Lafarge Africa gained N3.25 to close at N38 per share.

Dangote Cement appreciated by N2 to close at N230, while Flour Mills Nigeria Plc gained N1.80 to close at N32.92 per share.

Consequently, the All-Share Index appreciated further by 580.37 points or 1.53 per cent to close at 38,435.29 as against 37,854.92 posted on Tuesday.

Also, the market capitalisation which opened at N13.712 trillion inched N215 billion or 1.53 per cent to close at N13.922 trillion.

On the other hand, Okomu Oil Palm topped the losers’ chart, shedding N2 to close at N82 per share.

Cement Company of Northern Nigeria trailed with a loss of 95k to close at N28, while May and Baker depreciated by 11k to close at N2.54 per share.

Guaranty Trust Bank was down by 10k to close at N41.90, while NPF Microfinance Bank lost 8k to close at N1.61 per share.

The volume of shares traded closed higher by 15.73 per cent as investors bought and sold 393.12 million shares worth N6.67 billion achieved in 5,285 deals.

This was in contrast with a turnover of 339.68 million shares valued at N5.96 billion transacted in 4,436 deals on Tuesday.

Zenith International Bank was the most active stock for the day, trading 110.52 million shares worth N3.09 billion.

Fidelity Bank followed with an account of 63.87 million shares valued at N148.39 million, while United Bank for Africa sold 22.46 million shares worth N255.33 million.

Access Bank traded 20.26 million shares valued at N220.26 million, while Diamond Bank exchanged 17.45 million shares worth N27.92 million.

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