The stock market rebounded wednesday following gains recorded by Nestle Nigeria Plc, Access Bank Plc and Flour Mills of Nigeria Plc as investors swooped on the shares and seven other stocks.
The bargain hunting in the 10 stocks lifted the Nigerian Stock Exchange (NSE) All-Share Index (ASI) by 0.17 per cent to close at 24,972.82, while market capitalisation added N21.9 billion to be at N13 trillion.
Nestle Nigeria Plc led the price gainers with 10 per cent trailed by Cadbury Nigeria Plc with 8.0 per cent. Flour Mills of Nigeria Plc chalked up 4.3 per cent. The flour milling last April raised N30 billion series 13 and 14 Commercial Paper (CP) under its N100 billion CP programme.
The company had said the CP would to strengthen its balance sheet, while it continues to focus on its strategic objective of sustaining its market leadership position within the foods and agro-allied space.
After successfully the funds, the CP was recently listed on the FMDQ Securities Exchange and Nigerian Stock Exchange (NSE).
According to the FMDQ the Nigerian CP market had remained a viable option for corporate entities looking to raise funds to meet shortfalls in their working capital needs, as well as other short-term expenditures.
“As with previous papers issued under the programme and like all other securities listed, quoted and traded on the FMDQ Exchange platform, the Flour Mills CPs shall be availed market visibility through FMDQ Exchange’s website and systems; transparency through their inclusion in the FMDQ Daily Quotations List; governance and continuous information disclosure to protect investor interest; amongst other benefits derived from the preferred admission to FMDQ Exchange,” the exchange said.
Meanwhile, WAPIC Insurance Plc and Transcorp Plc were also among the price gainers, garnering 3.0 per cent and 2.7 per cent respectively.
Conversely, Seplat Petroleum Development Company Plc led the price losers with 9.9 per cent, trailed by Neimeth International Pharmaceuticals Plc with 9.5 per cent. NPF Microfinance Bank Plc shed 9.0 per cent, while AXA Mansard Insurance Plc went down by 9.0 per cent. AIICO Insurance Plc and UACN Property Development Company Plc lost 8.2 per cent and 8.0 per cent in that order.
However, activity level improved as volume and value traded rose 32.7 per cent and 70.8 per cent respectively to 266 million shares and N2.7 billion. The most active stocks by volume were Guaranty Trust Bank Plc (43.7 million shares), UAC of Nigeria Plc (41.2 million shares) and FCMB Group Plc (22.5 million shares).