Investors jostle for Cadburys shares after a long lull
Category: Daily & Weekly Market Updates
The price of Cadbury Nigeria Plc yesterday rose by 139 kobo to close at N29.29 from N27.90 at which it opened. Prior to yesterday\'s market situation, Cadbury\'s shares had dipped by about 94 per cent recording about 2,625 kobo drop in the price index table.
Reacting to the development, the spokesman of the Nigerian Stock Exchange (NSE), Mr. Sola Oni said the Exchange placed technical suspension on the company\'s share price after the controversy surrounding the suspension of Cadbury\'s Chief Executive Officer (CEO), Mr. Bunmi Oni and the company\'s Finance Director, Mr. Ayo Akadiri.
He said the technical suspension was lifted due to an assurance from Cadbury\'s Schweppes in UK, the parent company that all is well with the company, and another one from the bankers locally that they have confidence in the company.
He noted that the company has promised to restructure its operation henceforth to ensure compliance with modern corporate governance.
He added: \"Investors are understudying potentials imbedded in companies quoted on the Exchange in order to stake their money when they feel the future of a company is strong for investment.\"
Meanwhile, price gains by some blue chip stocks in the petroleum marketing, building materials and food beverages and tobacco sub-sectors surged the indices of corporate performance on NSE, yesterday.
Specifically, Total Nigeria Plc led the gainers, up by 500 kobo to close at N195.00 per share, while Ashaka Cement Plc followed with 302 kobo gain to close at N64.82.
West Africa Portland Cement Company Plc gained 290 kobo to close at N61 while Guinness Nigeria Plc, Benue Cement Company Plc and Nestle Plc added 270 kobo, 190 kobo and 151 kobo to close at N109.40, N40 and N225.01.
Cadbury Plc, Zenith Bank of Nigeria Plc, UACN Plc and Oceanic International Bank Plc completed the top gainers with 139 kobo, 100 kobo, 85 kobo and 75 kobo closing at N29.29, N26, N28.90 and N15.75.
On the other hand, Chevron Oil Plc emerged the leader on the losers\' chart with 500 kobo loss to close at N140.00 per share.
United Bank for Africa Plc, Okomu Oil Plc, May and Baker Plc and Nigeria Bottling Company Plc followed with 129 kobo, 50 kobo, 38 kobo and 35 kobo to close at N26.66, N33.00, N7.60 and N35.65, respectively.
Others include Spring Bank Plc, Skye Bank Plc, Nigerian Breweries Plc, Evans Med Plc and Rtbriscoe Plc with 34 kobo, 19 kobo, 18 kobo, 17 kobo and 17 kobo closing at N6.47, N3.73, N36.92, N4.95 and N14.00.
A total of 210.2 million shares worth N3.08 billion however changed hands against 113.5 million shares valued at N2.06 billion on Monday.
The banking sub-sector maintained its lead with 180.5 million shares valued at N2.3 billion, followed by conglomerates and building materials sub-sectors with 12.2 million shares and N5.6 million shares worth N252.3 million and N289.6 million, respectively.
A breakdown of transactions in the banking sub-sector indicated that 70.5 million Afribank Nigeria Plc\'s shares valued at N811.9 million enhance the volume in the sub-sector.
The conglomerates sub-sector was buoyed by 5.5 million PZ Industries Plc\'s shares valued at N130.1 million while 2.4 million Benue Cement Company Plc\'s shares worth N96 million boosted the volume in the building materials sub-sector. - Guardian