Consumer Goods Stocks Buoy NGX Stay in Green Territory by 0.75%

By Dipo Olowookere

It was another trading session in the green territory by the Nigerian Exchange (NGX) Limited after it closed higher by 0.75 per cent on Thursday.

Those who missed out on the primary market auction for treasury bills yesterday locked their funds in local equities today, increasing the level of activity.

Business Post reports that the consumer goods index grew by 0.62 per cent and the industrial goods counter marginally gained 0.01 per cent, as the banking and insurance sectors slumped by 2.57 per cent and 0.15 per cent, respectively, while the energy counter closed flat.

When the bourse ended trading activities by 2:30 pm, the All-Share Index (ASI) was up by 743.66 points to 100,335.30 points from 99,591.64 points, and the market capitalisation appreciated by N421 billion to close at N56.731 trillion compared with the midweek’s N56.310 trillion.

A total of 554.7 million stocks valued at N17.7 billion exchanged hands in 9,708 deals during the session compared with the 416.5 million stocks worth N19.5 billion transacted in 9,338 deals in the previous day, indicating a decline in the value of transactions by 9.23 per cent, a rise in the volume of trades by 33.18 per cent and 3.96 per cent apiece.

The busiest equity for the day was Transcorp, which sold 301.3 million units for N5.7 billion, Sterling Holdings traded, Sterling Holdings exchanged 33.3 million units for N150.8 million, FBN Holdings traded 23.2 million units worth N773.9 million, UBA transacted 19.4 million units valued at N400.3 million, and Zenith Bank traded 17.1 million units worth N583.9 million.

It was observed that investor sentiment remained weak today despite the bulls in control of the exchange, as there were 26 price gainers and 33 price losers, implying a negative market breadth index.

Dangote Sugar and MTN Nigeria gained 10.00 per cent each to sell for N50.60 and N201.30, respectively, Transcorp Power moved up by 9.99 per cent to N351.30, Juli appreciated by 9.96 per cent to N4.97, and NASCON appreciated by 9.92 per cent to N47.65.

On the other side of the coin, Guinness Nigeria and FTN Cocoa lost 10.00 per cent to trade at N45.90 and N1.53 apiece, Transcorp shed 9.95 per cent to N17.10, Ikeja Hotels retreated by 9.93 per cent to N6.08, and Red Star Express crumbled by 9.87 per cent to N3.38.