Consumer Index Drives Nigerian Exchange Higher N28bn
Equities market capitalisation of the Nigerian Exchange (NGX) rose by N27.65 billion as FBN Holdings and Dangote Sugar Refinery Plc’s stock rallied. The major gainer was the consumer index followed by the banking index with flattish performance along the oil and gas index.
According to stockbrokers, the Nigerian equity market closed trading activities in the green, stretching the market’s positive run to nine consecutive trading days.
The equities market performance indicators advanced by +0.05% ahead of Nigeria’s headline inflation figure for February which analysts predicted would cross 30%.
Atlass Portfolios Limited said in an update that despite the market breadth closing negative, the local bourse maintained its positive trend due to bargain hunting in some medium and large-scale stocks such as FBNH, DANGSUGAR, and others.
Consequently, the market index or All-Share Index increased by 48.85 basis points today, representing a rise of +0.05% to close at 104,056.21. However, market activities slipped, according to stockbrokers.
Total volume and total value traded were reduced by -30.78% and -18.76% respectively. Approximately 226.31 million units valued at ₦7,408.73 million were transacted in 5,823 deals, stockbrokers said in separate notes.
FBNH was the most traded stock in terms of volume, accounting for 12.64% of the total volume of trades, followed by TRANSCORP (11.98%), ACCESSCORP (11.18%), GTCO (6.13%), and ZENITHBANK (5.88%) to complete the top 5 on the volume chart.
NESTLE was the most traded stock in value terms, accounting for13.54% of the total value of trades on the exchange. ROYALEX topped the advancers’ chart with a price appreciation of 9.72 percent.
The Insurance stock was trailed by UNILEVER with (+9.59%) gain, TANTALIZER (+8.57%), UPDC (+7.14%), REGALINS (+5.41%), ETI (+4.55%), and twelve others.
Twenty-two stocks depreciated today, according to data from the local bourse. INTENEGINS was the top loser, with a price depreciation of – 10.00%.
Other losers on the chart include SUNUASSUR (-9.93%), INTBREW (-9.91%), UNITYBNK (-5.18%), FIDELITYBK (-2.80%), and ZENITHBANK (-1.28%).
Meanwhile, the market breadth closed negative, recording 19 gainers and 22 losers. However, the market sector performance was positive, as three of the five major market sectors closed in green.
The Consumer goods sector grew by +0.38% followed by a 0.25% gain posted by the Banking index. The Industrial sector grew by +0.03% while the Insurance sector was down by -1.16%. The Oil & Gas sector closed flat.
Overall, the equities market capitalisation of the Nigerian Exchange rose by ₦27.65 billion, representing a growth of +0.05%, to close at ₦58.83 trillion. #Consumer Index Drives Nigerian Exchange Higher N28bn
