Nestle’s profit rises by 32.3%

By Udeme Ekwere

Tuesday, 26 Oct 2010

Nestle Nigeria Plc has posted a profit before tax of N13.28bn for the third quarter ended September 30, 2010.

This represents a 32.3 per cent increase over the N9.96bn recorded in the same period of 2009.

According to the results released to the Nigerian Stock Exchange, the company‘s turnover also rose by 18 per cent or N9.24bn from N49.80bn in 2009, to close at N59.04bn in the period under review.

Meanwhile, the positive trend recorded on the NSE on Friday was sustained at the close of trading activities on Monday, with the NSE‘s All-Share Index rising by 0.3 per cent or 86.76 points, from 24,978.70 to 25,065.46.

Similarly, the market capitalisation of listed equities rose by N21bn or 0.3 per cent, from N6.12bn to close at N6.14bn.

The NSE Food/beverages index rose by 1.3 per cent or 10.22 points, from 792.71 to 802.91 points, while the NSE Banking Index increased by 0.4 per cent or 1.42 points to close at 376.78.

Analysts attributed the increase to the positive trend of market activities, coupled with continued investors‘ commitment towards equity bargain as more prices moved up.

Three food and beverage stocks led on the price gainers’ chart, following high demand for the shares by investors.

Specifically, Flour Mills Nigeria Plc led the chart, with a gain of two per cent or N1.35 to close at N70.06 per share.

Cadbury Nigeria Plc gained 3.4 per cent or N1 to close at N30 per share, while Dangote Flour Mills Plc gained five per cent or 73 kobo to close at N16.39 per share.

On the other hand, Total Nigeria Plc recorded the highest loss for the day, dropping by N11.01 or 4.9 per cent to close at N214.62 per share.

Nigerian Breweries Plc followed, shedding 2.2 per cent or N1.69 to close at N76.30 per share.

Nigerian Bottling Company Plc and Lafarge WAPCO Plc also lost 3.1 per cent and 1.2 per cent to close at N31 and N42 per share in that order.

Also, the rescued banks maintained the impressive outing recorded last week as majority of the stocks gained by four per cent and above.


Source: Punch


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