Sunday, September 26, 2021

    Nestle Nigeria breaks new record on strong profits

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    Babatunde Akinsola
    Babatunde Akinsola is aNaija247news' Southwest editor. He's based in Lagos and writes on the Yoruba Nation political issues, news and investigative reports

    nestles-100Nestle Nigeria shares soared 4.66 percent to a new record high on Thursday, after the food manufacturer posted strong profits in the nine-months to September.

    Nestle Nigeria climbed 49 naira per share to close at 1,103.55 naira ($6.95) on 111,751 units traded, helping lift the all-share index up 0.67 percent to 37,622 points., Reuters reports.

    The company, which is majority owned by Swiss food firm Nestle SA, earlier said its nine-month pretax profit rose to 20.37 billion naira ($128.22 million), up 11.43 percent from the same period a year earlier.

    Nestle shares have surged more than 50 percent since the start of this year, on low volumes, to become the most expensive stock on the bourse on a per share basis. Shares gained 57 percent in 2012.

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