Nigerian stocks rally on increased demand for consumer goods’ shares
Nigerian stocks found swift recovery on Wednesday after slipping into the negative territory at the session before as the benchmark index 2 per cent, aided by investors’ increasing interest in consumer goods shares.
Transaction volume improved by more than one-fourth, while turnover jumped by as much as 46 per cent.
MTNN led the charge, advancing by 9.21 per cent to reach its all-time peak of N262.10 per unit and helping it to regain the top spot as Nigeria’s biggest company by market value months after losing the position to rival Airtel Africa. The telco’s valuation as of the end of trade on Wednesday was above N5.3 trillion.
Helping gains were Okomu Oil, International Breweries, Cadbury and Presco.
Market breadth, which gauges the depth of investor sentiment towards trade, was positive as 43 advancers were reported compared to 27 laggards.
The all-share index added 1,033 basis points to close at 52,838.5, while market capitalisation closed higher at N28.5 trillion.
Year to date, the index is up 23.7 per cent.
TOP FIVE GAINERS
Okomu Oil was the most profitable stock led, appreciating by 10 per cent to N205.7. CWG went up by 10 per cent to N0.99. Champion Breweries rose to N4.43, notching up 9.93 per cent. McNichols added 9.90 per cent to end the trade at N1.11. IMG completed the top 5, climbing by 9.88 per cent to N9.45.
TOP FIVE LOSERS
Ikeja Hotel was the worst performing stock, dropping 10 per cent to close at N1.17. BUA Foods shed 10 per cent to close at N56.70. Eterna Oil fell to N6.54, losing 9.92 per cent. NNFM slumped to N9.05, recording 9.50 per cent depreciation. RT Briscoe closed at N0.63, going down by 8.70 per cent
TOP 5 TRADES
Altogether 417.4 million shares estimated at N7.3 billion were traded in 7,255 deals.
Jaiz Bank was the most active stock for the second day running with 40.4 million units of its stocks worth N34.9 million traded in 81 deals. Transcorp’s shares numbering 35.4 million and priced at N42.6 million exchanged hands in 159 transactions. International Breweries had 25.4 million shares valued at N224.9 million traded in 184 deals. Unilever traded 24.6 million shares estimated at N362.6 million in 174 transactions. Fidelity Bank traded 21 million shares valued at N74.1 million in 137 deals.
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Nigerian stocks found swift recovery on Wednesday after slipping into the negative territory at the session before as the benchmark index 2 per cent, aided by investors’ increasing interest in consumer goods shares.
Transaction volume improved by more than one-fourth, while turnover jumped by as much as 46 per cent.
MTNN led the charge, advancing by 9.21 per cent to reach its all-time peak of N262.10 per unit and helping it to regain the top spot as Nigeria’s biggest company by market value months after losing the position to rival Airtel Africa. The telco’s valuation as of the end of trade on Wednesday was above N5.3 trillion.
Helping gains were Okomu Oil, International Breweries, Cadbury and Presco.
Market breadth, which gauges the depth of investor sentiment towards trade, was positive as 43 advancers were reported compared to 27 laggards.
The all-share index added 1,033 basis points to close at 52,838.5, while market capitalisation closed higher at N28.5 trillion.
Year to date, the index is up 23.7 per cent.
TOP FIVE GAINERS
Okomu Oil was the most profitable stock led, appreciating by 10 per cent to N205.7. CWG went up by 10 per cent to N0.99. Champion Breweries rose to N4.43, notching up 9.93 per cent. McNichols added 9.90 per cent to end the trade at N1.11. IMG completed the top 5, climbing by 9.88 per cent to N9.45.
TOP FIVE LOSERS
Ikeja Hotel was the worst performing stock, dropping 10 per cent to close at N1.17. BUA Foods shed 10 per cent to close at N56.70. Eterna Oil fell to N6.54, losing 9.92 per cent. NNFM slumped to N9.05, recording 9.50 per cent depreciation. RT Briscoe closed at N0.63, going down by 8.70 per cent
TOP 5 TRADES
Altogether 417.4 million shares estimated at N7.3 billion were traded in 7,255 deals.
Jaiz Bank was the most active stock for the second day running with 40.4 million units of its stocks worth N34.9 million traded in 81 deals. Transcorp’s shares numbering 35.4 million and priced at N42.6 million exchanged hands in 159 transactions. International Breweries had 25.4 million shares valued at N224.9 million traded in 184 deals. Unilever traded 24.6 million shares estimated at N362.6 million in 174 transactions. Fidelity Bank traded 21 million shares valued at N74.1 million in 137 deals.
Support PREMIUM TIMES’ journalism of integrity and credibility
Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.
For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.
By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.
Donate
TEXT AD: To place an advert here . Call Willie – +2348098788999
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