Consumer Goods, Banking Stocks Lift Equity Market by 0.84%

February 24, 2024
consumer goods sector

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited rebounded by 0.84 per cent on Friday, lifted by bargain-hunting in the consumer goods and banking sectors.

The consumer goods index went up by 4.05 per cent during the session, as the banking space increased by 0.67 per cent, while the insurance counter depreciated by 0.09 per cent, as the energy and industrial goods sectors closed flat.

At the close of transactions, the All-Share Index (ASI) grew by 849.20 points to 102,088.30 points from 101,239.10 points, and the market capitalisation expanded by N464 billion to N55.861 trillion from N55.397 trillion.

Business Post reports that investor sentiment turned bullish yesterday after the bourse ended with 22 price gainers and 19 price losers, implying a positive market breadth index.

Juli ended the day as the best-performing stock after it rose by 9.86 per cent to N2.34, DAAR Communications gained 9.72 per cent to close at 79 Kobo, PZ Cussons increased by 7.72 per cent to N26.50, Veritas Kapital jumped by 7.04 per cent to 76 Kobo, and FBN Holdings went up by 6.90 per cent to N31.00.

On the flip side, Morison Industries lost 9.73 per cent to settle at N1.67, Livestock Feeds shrank by 9.70 per cent to N1.49, Guinea Insurance dropped 9.09 per cent to 40 Kobo, Omatek tumbled by 9.09 per cent to 70 Kobo, and Regency Alliance weakened by 8.70 per cent to 42 Kobo.

When trading activities ended for the day, a total of 291.0 million shares worth N6.0 million were traded in 7,710 deals compared with the 253.0 million shares valued at N4.9 billion traded in 7,248 deals on Thursday, indicating an increase in the trading volume, value, and the number of deals by 15.02 per cent, 22.45 per cent, and 6.37 per cent, respectively.

GTCO closed the session as the most active stock after it traded 53.0 million units sold for N2.1 billion, Veritas Kapital transacted 25.8 million units worth N18.9 million, Zenith Bank exchanged 20.7 million units valued at N739.2 million, Access Holdings traded 20.3 million units worth N425.4 million, and FBN Holdings transacted 19.8 million units valued at N585.3 million.

Dipo Olowookere

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

Mr Olowookere can be reached via [email protected]

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