NGX Index Surges as Nestle Nigeria, Stanbic IBTC Rally

The Nigerian equities market closed Thursday’s trading session on a positive note as the All-Share Index (ASI) advanced by 18bps, amidst gains in high-cap stocks like MTNN, NESTLE, amongst others. However, market breadth closed negative, with 32 stocks gaining and 37 declining.

In today’s market session, gains in NESTLE (+4.84%), STANBIC (+5.56%) and MTNN (+0.63%) were notable drivers of the market’s upbeat outcome, offsetting declines in DANGSUGAR (-7.10%) and JAIZBANK (-7.41%).

However, the market breadth closed negative at 0.84x, as the session produced more laggards (38) than gainers (32). ETERNA (+10.00%) and NPFMCRFBK (+10.00%) led the gainers’ log, while TRIPPLEG (-9.94%) led the laggards’ log.

Elsewhere, market activity weakened, with total volume traded falling 21.3% to 634.0 million units and total value traded decreasing 24.2% to N29.1 billion.

JAIZBANK topped the volume with 137.3 million units traded (21.7% of total volume) while GTCO led the value chart, with N5.4 billion (18.6% of total value).

Sectoral performance was largely positive as the Banking Index gained 51bps, supported by price increases in STANBIC (+5.56%), ZENITHBANK (+1.2%), FCMB (+0.39%), and UBA (+0.11%), while FIDELITYBK (-1%) and WEMABANK (-2.7%) declined.

The Consumer Goods Index advanced by 10bps as NESTLE (+4.84%), VITAFOAM (+3.91%), CADBURY (+0.29%), and CHAMPION (+0.29%) recorded gains, while INTBREW, MCNICHOLS, GUINNESS, DANGSUGAR, and HONYFLOUR closed lower.

The Oil and Gas Index declined by 16 bps due to losses in OANDO (-4%), although JAPAULGOLD (+2.63%) and ETERNA (+10%) gained.

The Industrial Index rose marginally by 3 basis points, supported by CAP (+8.72%) and DANGCEM (+0.01%), while CUTIX and TRIPPLEG recorded losses.

Trading activity weakened, with total trade value declining 26.83% to $19.94 million. Notable cross trades were recorded in MTNN, GTCO, and NESTLE, according to stockbrokers. Jaiz Bank Lost 10% as Investors Dump Shares