Nestle S.A added 80,448 shares of Nestle Nigeria Plc to its existing holding in the company.
The Swiss multinational food and drink processing conglomerate corporation headquartered in Vevey, Vaud, Switzerland that doubles as majority shareholder of Nestle Nigeria Plc, purchased additional 80,448 shares at N1,399.93 per share.
The world’s largest food company has been increasing its stake in Nestle Nigeria Plc since the beginning of the year and has so far injected almost N2 billion into the company.
See the details of the latest purchase below.
Nigerian Stock Exchange Bounces Back, Gains N132 Billion in Market Cap
The Nigerian Exchange Limited rebounded on Wednesday with the market capitalization surging by N132 billion.
This uptick was propelled by the positive performance of key stocks, including Seplat Energy (+10%), Meyer Plc (+9.79%), Sunu Assurance (+9.56%), Nestle (+9.52%), and Consolidated Hallmark Holdings Plc (+9.24%).
The All-Share Index closed rose by 0.34% to 71,283.34 points, reflecting investors’ optimistic sentiment, particularly in medium and large-cap stocks with solid fundamentals while the market capitalization increased to N39.007 trillion.
Despite a decline in total deals and volume by 19.14% and 32.55% to 6,579 deals and 360.60 million units respectively, the total value for the day increased by 17.64% to N6.61 billion.
Among the gainers, Seplat, Meyer, Sunu Assurance, Nestle Plc, and Consolidated Hallmark Holdings Plc stood out, closing at N2.310, N3.59, N1.49, N1.150, and N1.30 per unit, respectively, after gains ranging from 10% to 9.24%.
The losers’ chart was led by Guinea Insurance, down 10%, followed by Omatek (-9.88%), Abbey Mortgage Bank (-9.68%), Neimeth Pharma (-9.45%), and Tantalizer (-8.62%).
Performance across sectors was predominantly bullish, with the Insurance, Consumer Goods, Oil/Gas, and Industrial Goods indexes recording notable advancements of 1.17%, 0.89%, 6.06%, and 0.01%, respectively.
However, banking stocks emerged as the only laggard for the day, declining by 0.56%.
GT Bank (GTCO) dominated trading activities, emerging as the most traded security in terms of volume and value, with 56.91 million units worth N2.19 billion traded in 261 deals.
This positive momentum signals a renewed fervor in the Nigerian stock market.
Robinhood Expands to UK, Introducing Commission-Free Stock Trading
Robinhood Markets Inc., the pioneer of commission-free stock trading, is venturing into the UK market, making its international debut by offering British retail investors access to more than 6,000 US-listed stocks and other securities.
This move follows the company’s success in the US during the Covid pandemic, where it gained popularity among first-time investors during the “meme-stock” frenzy.
While the enthusiasm among retail investors has cooled, Vlad Tenev, Robinhood’s CEO and co-founder, aims to disrupt the UK market by offering a range of attractive features.
Tenev stated, “We’d like to help lower fees for all customers in the UK, just like we did in the US back in 2019, right before Covid.”
The features include 5% interest on uninvested cash, zero trading commission, currency fees, and trading outside of market hours. Users can join a waitlist now, and the service aims to be fully available starting in 2024.
Despite facing regulatory scrutiny in the US for its role in the “meme-stock” frenzy and accusations of encouraging excessive risk-taking, Robinhood has ambitious plans for international expansion.
The company will compete with local platforms like Revolut and Freetrade, as well as US-based rival Public.com, which expanded to the UK in July.
Tenev believes that Robinhood’s technology-focused approach gives it an edge in expanding globally.
He emphasized, “The fact that we’ve built this platform from the ground up and we’re a technology company and financial services, not a brick and mortar institution, I think makes us more able to expand internationally in ways that traditional financial institutions can’t.”
Robinhood also plans to introduce crypto trading in the European Union in the coming weeks, further diversifying its offerings beyond traditional stocks.
Despite a recent 11% decline in transaction-based revenues in Q3 2023, Robinhood continues to explore new revenue streams, including the launch of a credit card in the US.
The company’s shares, although up 10% this year, remain 90% lower than their peak.
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