Nigerian stocks rally on renewed interest in consumer goods shares

Nigerian stocks rally on renewed interest in consumer goods shares

Nigerian Stock Exchange (NGX) Nigerian stocks rebounded on Wednesday as the benchmark index climbed by 0.28 per cent, its first time since 28th February, supported by investors’ interest in consumer goods equities and a few bank shares.

FBN Holdings led the march, supported by Nestle, Nigerian Breweries, United Capital and Presco.

Of the five sector indexes trcked by the Nigerian Exchange, the banking index recorded the worst performance, declining by 0.04 per cent.

Market breadth, which measures investors’ sentiment towards trade, closed in the positive as there were 29 gainers, compared to 13 laggards. The all-share index rose 132.74 points to 47,287.09, while market capitalisation advanced to N25.5 trillion at the end of trade.

The index has been up by 10.7 per cent so far this year. TOP FIVE GAINERS

Presco led advancers, appreciating by 10 per cent to N114.95. Pharma Deko added up 9.89 per cent to end trade at N2. Linkage Assurance went up by 9.80 per cent to N0.56. Royal Exchange advanced to N1.48, notching up 9.63 per cent in the process. RT Briscoe completed the top 5, climbing by 8.93 per cent to close at N0.61. TOP FIVE LOSERS

Ellah Lakes led laggards, declining by 9.92 per cent to N3.45. May & Baker shed 9.91 per cent to close at N4.91. Neimeth fell to N1.65, losing 9.34 per cent. Niger Insurance dipped to N0.21, recording 8.70 per cent depreciation. United Capital closed at N12.50, going down by 8.09 per cent. TOP FIVE TRADES

A total of 336.3 million shares estimated at N5.9 billion were traded in 5,248 deals.

FBN Holdings was the most active stock, with 108.6 million units of its stocks worth N1.2 billion traded in 214 deals. GTCO traded 54.1 million shares priced at N1.4 billion in 384 transactions. United Capital saw 25.3 million units of its shares, valued at N308.5 million exchange hands in 313 deals. Zenith Bank traded 22.3 million shares estimated at N595 million in 430 transactions. Caverton traded 14.9 million shares valued at N19 million in 145 deals.

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