NSE Pulse Rises as Consumers Goods Stocks Boost Performance

The Nigerian Stock Exchange (NSE) pulse rises Tuesday as consumers goods stocks boost performance.

Sentiment rises after equities Investors took profit Monday, NSE then closed in the Green amidst #EndSARS protest today.

The stock market rises on account of 4.7% share appreciation in NIGERIAN BREWERIES, 9.9% in INTBREW and 4.6% in FLOURMILL among others.

Consequently, the benchmark index improved to 28,665.82 points while investors gained ₦3.5 billion.

This pushed the stock market capitalisation to ₦15.0 trillion, as year to date return rise to 6.8%.

Data shows that activity level that volume traded rose 3.5% to 297.3 million units and value traded declined 13.9% to ₦2.9 billion.

The most traded stocks by volume were UBA with 72.4 million units, ZENITH traded 27.2m units and UACN 22.2m units.

Topping the value chart, ZENITH transaction was valued at ₦568.2 million, UBA ₦506.8 million and GUARANTY ₦472.6 million.

However, performance across sectors was bearish as 4 of 6 indices under Afrinvest coverage closed in the red while the AFR-ICT index closed flat.

Also, performance across Chapel Hill Denham coverage universe was broadly negative, with only 1 of 5 of coverage indices closing in the green.

Specifically, the NSE consumer goods index grew markedly by 186bps, driven by buying sentiments on Nigerian Breweries, International breweries, and Flour Mills of Nigeria plc (+4.55%).

However, Chapel Hill Denham said the preceding was not enough to mask losses across the NSE insurance, NSE oil & gas.

This include NSE banking, and NSE industrial goods indices, all of which dipped by 117bps, 89bps, 102bps, and 17bpsbps, respectively.

Investor sentiment as measured by market breadth rose to 1.4x from the 1.1x recorded previously as 23 stocks gained against the 17 that declined.

INTBREW (+9.9%), UCAP (+8.2%) and NIGERIAN BREWERIES (+4.7%) were top gainers.

REGALINS (-8.3%), CORNERSTONE (-4.8%) and PZ (-4.7%) led the laggards.

“We are not optimistic of sustained bullish performance in subsequent trading sessions. However, investors may position ahead of Q3 earnings releases”, Afrinvest said.

Relative to the prior session, analysts at Chapel Hill Denham said they like that the market’s activity was broadly stronger, with volume traded expanding by 3.48%.

Elsewhere, the Chapel Hill Denham’s Paramount Equity Fund (PEF) and the Women In-vestment Fund (WIF) both dipped by 29bps and 22bps, respectively.