Investors rejoice after strong Q3 results from top Companies   

Oct 29 (Lagos) - The bulls are coming back in town after the third quarter results from large caps Companies that blew away all investors expectations. 

The much coveted stock of MTN Nigeria Plc ( MTNN ) could be ready to move up after the Company reported N 220 billion profit after tax for the first nine months of 2021, an increase of 52.7% year on year. Following that MTNN blowout quarter was Totalenergy marketing Nigeria Plc ( TOTAL ) which reported profit of N 13 billion for the first 9 months of 2021 which is a huge turnaround from its last year profit of N 500 million. 

Changing over to the food basket sector, NESTLE reported Profit after tax of N 11.8 billion for its third quarter and FLOURMILL reported N 10 billion profit after tax for its first 6 months of 2021 financial year and MAYBAKER reported 34.7% increase in its profit after tax of N 327 million for its 3rd quarter. Among the top stocks over the last year, HONYFLOUR reported N 202 million profit after tax for its 3rd quarter. Shares of CADBURY gained 10% yesterday on high expectations after results from other food manufacturing Companies. 

Among brewers, GUINNESS stock gained 10% on high expectations yesterday after Nigeria Breweries ( NB ) proposed interim dividend of 40 kobo per unit. 

The quarterly reports from Banks disappointed shareholders but Insurance Companies have impressed with strong results especially from AIICO and NEM Insurance but investors sold MANSARD with the stock closing lower by more than 6% yesterday. 

From these results we can expect the rally that started today to intensify over the next week if not today as we close the week unless we get some negative results. 

reporting for on Friday, Oct 30 2021 from Lagos, Nigeria
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