All-share index gains 0.13 % as Cadbury, 19 others lead price gainers

The stock market bounced back to positive territory as gains by 19 equities lifted the Nigerian Stock Exchange (NSE) All-Share Index by 0.13 per cent to close at 26,824.50, while market capitalisation added N43.6 billion to be at N12.9 trillion.

Similarly, activity level strengthened as both volume and value traded increased by 60 per cent and 15.9 per cent to settle at 303.8 million shares and N1.7 billion respectively.

Cadbury Nigeria Plc led the price gainers with 10 per cent to close higher at N9.90 per share as investors continued to respond to the impressive nine months results of the firm.

The company reported a rise of 277 per cent in profit after tax (PAT) to N648 million for the nine months ended September 30, 2019.

In its unaudited results, the company posted a revenue of N28.912billion, representing an increase of 7.2 per cent over the N26.959billion revenue reported within the same period in 2018.

Cadbury recorded a net finance income of N114 million in 2019 as against a net finance cost of N426 million in 2018, a development that boosted its bottom-line.

Consequently, profit before tax rose by 266 per cent to N926 million from N253 million in 2018, while PAT grew faster by 277 per cent to N648 million in 2019 to N172 million in 2018. The company had said the result reflected a sustained positive trend in its performance.

Meanwhile, Cutix Plc closed as the second highest gainer with 9.7 per cent, just as Glaxosmithkline Consumer Nigeria Plc and Union Diagnostic and Clinical Services Plc appreciated by 9.6 per cent and 9.0 per cent in that order.

Other top price gainers included: UAC of Nigeria Plc (7.1 per cent); Oando Plc (6.2 per cent); FBN Holdings Plc (4.6 per cent); Royal Exchange Plc (4.5 per cent); African Prudential Plc (2.4 per cent) and Access Bank Plc (2.2 per cent).

Conversely, C & I Leasing Plc led the price losers with 9.8 per cent, trailed by Jaiz Bank Plc with 8.7 per cent. Livestock Feeds Plc shed 7.2 per cent, just as Afromedia Plc and Dangote Sugar Refinery Plc declined by 5.5 per cent and 4.8 per cent in that order.

The most traded stocks by volume were Law Union & Rock Insurance Plc (151.7 million shares), UBA (20.4 million shares) and Access Bank Plc (12.4 million shares) while the most traded stocks by value were Nestle Nigeria Plc (N326.3 million), Dangote Cement Plc (N292.7 million) and Zenith Bank Plc (N193.1 million).