Chart of the day: Nestle Is a Comeback Kid

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Nestle is one of the most priced stock on the Nigerian stock exchange and was at some point valued at about N1,200 per share. However, its high valuation and reputation as a sound blue chip stock did not stop it from tanking in the steep selloffs that took place between the end of October and firs two weeks of December. Nestle fell to as low as N770 on the 17th of December 2014 before embarking on a comeback that has now taken it zoomed past N1000 December 30th, its highest price since October 14, 2014. It has now gained (in 13 days) 35% from that unfamiliar territory of N770, a huge feat considering the size of the stock. It is still down 8% year to date and perhaps still has room to accommodate more bulls.