Equities Investors Gain N2.3bn on FMCG Stocks

Equities Investors Gain N2.3bn on FMCG Stocks

Equities investors trading highs and lows on the floor of the Nigerian Exchange (NGX) saw a moderate daily gain of N2.3 billion in their combined wealth as a result of mild bargain hunting. Today’s gain was driven by a surge in consumer and insurance indices.

Midweek trading data from the domestic equities showed that the market closed positive. Key performance indicators improved while year-to-date returns also advanced moderately.

The Nigerian Exchange All-Share index (NGX-ASI) rose a basis points to 65,492.92 points, buoyed by price uptick in TRANSCOH (+9.0%), DANGSUGAR (+7.0%), and TRANSCORP (+7.1%).

Consequently, the market year-to-date return rose to 27.79% from 27.78% recorded on Tuesday, while market capitalisation gained ₦2.3billion to ₦35.8 trillion.

Meanwhile, activity level was mixed as volume traded rose 18.7% to 348.3 million units while value traded fell 1.8% to ₦4.0 billion, according to stockbrokers’ notes.

“Market metrics were mixed as volume traded appreciated by 18.69% while market turnover decreased by 1.80%. All in, 348.32 million units were exchanged in 6,237 deals worth N4.05 billion”.

Afrinvest said performance across its analyst coverage sectors was mixed, albeit positively skewed, as 3 indices gained, and 2 lost, while the Industrial Goods index closed flat.

Leading the pack, the Consumer Goods and Insurance indices rose 0.4% apiece, owing to price appreciation in DANGSUGAR (+7.0%), VITAFOAM (+0.7%), CORNERST (+6.0%) and WAPIC (+3.3%). Similarly, the AFRICT index rose 1bp, on the back of buy interest in CWG (+5.1%).

Conversely, the Oil & Gas and Banking indices dipped 1.7% and 0.7% respectively, following losses in CONOIL (-10.0%), ETERNA (-8.2%), ZENITH (-1.2%) and FIDELITY (-2.1%).  Other losers were NB (-2.48%)and GTCO (-1.78%)

Investor sentiment, as measured by market breadth, improved to -0.06x (previously -0.14x) as 22 stocks advanced, 26 declined, and 66 closed flat. “Tomorrow, we expect profit-taking to dominate trading on the bourse”, Afrinvest told investors in an email.

Ikeja Hotel Plc announced a final dividend of ₦7.50k per unit of ordinary shares for 2022, amounting to a total of ₦155.9 million will be paid to its shareholders. Also, the shareholders granted approval for a bonus issuance of 1 share for every 3 shares owned in the Company, to be distributed to members on the Register of Members as of July 4, 2023.#Equities Investor Gains N2.3bn on FMCG Stocks

Naira Gains 10% in Parallel Market, I&E Rate Settles at N739.52

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