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STOCKS NEWS AFRICA-Nestle Nigeria rises to all-time high
November 4, 2013 / 2:17 PM / in 4 years

STOCKS NEWS AFRICA-Nestle Nigeria rises to all-time high

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1353GMT 04Oct13 - Nestle Nigeria rises 11 pct in three consecutive trading


Shares in Nestle Nigeria climbed to an all-time high, extending their third consecutive gain in a row after the local unit of the world’s biggest food group, Nestle SA grew its nine months pre-tax profit by 11 percent to 20.37 billion naira.

Nestle rises 5 percent to 1,185.19 naira ($7.47), making it the most expensive stock on the local bourse and outperforming the Nigerian Stock Exchange all-share index, which rises by 0.45 percent to 37,937 points.

The food company has gained 61 percent so far this year. The company had proposed 1.50 naira interim dividend payout to shareholders from its profit for the 9-month period ended Sept. 30.

Reuters Messaging:

0726GMT 04Oct13 - Sugar prices depress Tongaat Hulett revenue, shares down


Shares of sugar producer Tongaat Hulett slide in early trade after the sugar producer says its half-year performance will be slightly below that of a year ago, as sugar prices abroad and more imports at home depressed revenue.

Tongaat says it expects sugar production this season to be the highest in the past 10 years, but says first-half headline earnings per share likely fell by 2 percent to 592 cents. The miller’s shares are down 2.6 percent to 122.99 rand.

Reuters Messaging: ($1 = 158.7300 Nigerian nairas)

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