Stock Marker Rebounds By 0.09% over Gain in Consumer Good Index

Kayode Tokede

The stock market of the Nigerian Exchange Limited (NGX) appreciated by 0.09 per cent yesterday, driven by gain in companies in the consumer index of the bourse.

The likes of Dangote Sugar Plc, Honeywell Flour Mill Plc, Nigerian Breweries Plc were among ther top gainers on the NGX yesterday.

The gain position the NGX All-Share Index growth of 39.84 basis points or 0.09 per cent to close at 42,357.36 basis points from 42,317.52 basis points the stock market opened for trading. Similarly, the overall market capitalisation size gained N21 billion to close at N22.102 trillion from N22.081 trillion

Sector performances were broadly negative yesterday with the Banking index dropping by 0.20 per cent, Industrial index was down by 0.11 per cent, and Oil and Gas declined by 0.05 per cent, while the NGX Consumer Goods added 0.22 per cent, a lone gainer on The Exchange.

Market sentiment, as measured by the market breadth, was positive, as 19 stocks gained relative to 13 losers.

Red Star Express recorded the highest price gain of 7.94 per cent, to close at N3.40, per share. Meyer Plc followed with a gain 7.69 per cent to close at 42 kobo, while Japaul Gold and Ventures rose by 5.41 per cent to close at 39 kobo, per share.

UPDC went up by 4.35 per cent to close at N1.20, while Africa Prudential appreciated by 4.10 per cent to close at N6.35, per share.

On the other hand, eTranzact International led the losers’ chart by 9.57 per cent, to close at N1.89, per share. Royal Exchange followed with a decline of 4.76 per cent to close at 60 kobo, while Cutix lost 4.21 per cent to close at N2.50, per share.

International Breweries lost 4.08 per cent to close at N4.70, while Unity Bank shed 2.13 per cent to close at 46 kobo, per share.

However, the total volume traded declined by 16.26 per cent to 226.180 million shares, worth N2.633 billion, and traded in 3,476 deals.

Transactions in the shares of International Breweries topped the activity chart with 51.794 million shares valued at N253.342 million. FBN Holdings (FBNH) followed with 32.532 million shares worth N392.191 million, while GTCO traded 17.993 million shares valued at N457.216 million.

Unilever Nigeria traded 10.006 million shares valued at N132.084 million, while Mutual Benefits Assurance transacted 9.476 million shares worth N2.311 million.

Analysts at InvestmentOne Research said: “The equities market closed positive today due to the gains recorded in the Consumer Goods sector.

“Going forward, we expect investor’s sentiments to be swayed by the search for real positive returns and developments in the interest rate space. We reiterate that this may be a great period to pick up some quality names with a medium to long-term investment horizon.”