Market Gains N4bn on Interest in Consumer Goods Stocks

By Dipo Olowookere

The nation’s equity market recorded a marginal growth of 0.02 per cent on Wednesday on the back of buying interest in consumer goods stocks.

The demand for MTN Nigeria, Nestle Nigeria, Flour Mills, Jaiz Bank and eight others lifted the market but only the consumer goods space closed positive, rising by 1.88 per cent as the other four key sectors closed negative yesterday.

The banking counter lost 3.12 per cent, the insurance space fell by 1.71 per cent, the industrial goods sector depreciated by 0.66 per cent, while the energy industry declined by 0.28 per cent.

However, at the close of business, the All-Share Index (ASI) went up by 7.42 points to settle at 38,774.03 points in contrast to the previous 38,766.61 points, while the market capitalisation gained N4 billion to close at N20.287 trillion compared with the preceding day’s N20.283 trillion.

Jaiz Bank led the 12 appreciating stocks at the midweek trading session with a gain of 10.00 per cent to settle at 66 kobo and was trailed by The Initiates, which rose by 9.52 per cent to sell for 46 kobo.

Royal Exchange appreciated by 8.33 per cent to close at 39 kobo, Japaul improved by 8.16 per cent to quote at 53 kobo, while Consolidated Hallmark Insurance grew by 6.90 per cent to 31 kobo.

Business Post reports that during the session, a total of 27 equities depreciated in value with Sterling Bank leading the pack after its price went down by 9.47 per cent to N1.53.

Pharma Deko lost 9.46 per cent to trade at N1.34, Prestige Assurance fell by 8.70 per cent to 42 kobo, Ardova dropped 6.91 per cent to sell for N14.15, while Livestock Feeds declined by 5.88 per cent to close at N1.76.

The level of activity yesterday improved with the trading volume rising by 58.71 per cent to 356.5 million units from 224.6 million units, the trading value growing by 95.63 per cent to N4.2 billion from N2.1 billion and the number of deals jumping by 31.12 per cent to 6,130 deals from 4,675 deals.

Zenith Bank was the most traded equity at the market on Wednesday as it sold 55.0 million units valued at N1.2 billion, while the next, Access Bank traded 38.4 million units worth N308.6 million.

Transcorp exchanged 31.9 million shares for N24.9 million, GTBank transacted 29.2 million equities worth N819.1 million, while Mutual Benefits sold 25.5 million stocks valued at N10.0 million.