Gains in consumer goods equities helped to reverse the negative trend at the stock market Thursday, pushing the Nigerian Stock Exchange (NSE) All-Share Index to appreciate by 0.11 per cent to 32,417.82. Specifically, Nestle Nigeria Plc and Flour Mills of Nigeria Plc, which are two leading consumer goods stocks, bolstered the positive close recorded Thursday. Also, Stanbic IBTC Holdings Plc and Zenith Bank Plc recorded gains for the day.
In all, 15 stocks appreciated led by Niger Insurance Plc with 10 per cent, trailed by Prestige Assurance Plc with 8.3 per cent. Four Mills chalked up 7.6 per cent. Learn Africa Plc chalked up 5.4 per cent, just as Okomu Oil Palm Plc and Stanbic IBTC Holdings Plc garnered 5.2 per cent and 4.7 per cent respectively.
Other top price gainers include: Mutual Benefits Assurance Plc (3.5 per cent); WAPIC Insurance Plc (2.4 per cent) and Law Union & Rock Insurance Plc(1.9 per cent) and Fidelity Bank Plc (1.5 per cent).
Conversely, The Initiates Plc led the price losers with 9.6 per cent, trailed by Continental Reinsurance Plc with 9.4 per cent. MCNichols Plc shed 9.2 per cent, just as Unity Bank Plc went down by 9.0 per cent. Forte Oil Plc and First Aluminium Nigeria Plc dipped by 8.3 per cent and 5.7 per cent in that order.
“Despite the sell-offs noted on several counters during today’s trading session, the gains recorded by some large cap stocks, majorly in the consumer goods space, drove market performance,” analysts at Meristem Securities Limited said.