The Nigerian Exchange (NGX) equities section began the week on a high note, as the consumer goods index increased market capitalization by more over N324 billion. The market extended its winning streak from the previous week, with bargain-hunting in BUAFOODS (+9.1%) and DANGSUGAR (+10.0%) pushing the benchmark index up 0.9%.
According to last week’s data, Dangote Sugar gained 36% due to a merger deal with NASCON, while Transcorp’s worth increased 39% due to the acquisition of Abuja Disco. Among other things, BUAFOODs appear in the program.
With a change in focus toward consumer goods stocks, despite relatively poor performance in the first half due to the negative effects of naira fluctuation, stockbrokers expect that the equities space will gain momentum.
As stock buyers filled their order buckets logged by equities investors, the All-Share Index closed at 66,151.38 points, with the month and year-to-date gains increasing to +2.8% and +29.1%, respectively.
The total volume traded declined by 12.6% to 311.12 million units, valued at N3.92 billion, and exchanged in 7,193 deals. ACCESSCORP was the most traded stock by volume at 43.70 million units, while DANGSUGAR was the most traded stock by value at N820.84 million.
From a sectoral perspective, the Banking (-0.9%) and Insurance (-0.4%) indices declined, while the Industrial Goods and Oil & Gas indices closed flat. The Consumer Goods (+5.9%) index was the sole gainer of the day.
As measured by market breadth, market sentiment was positive (1.4x), as 33 tickers gained relative to 24 losers. OMATEK (+10.0%) and THOMASWY (+10.0%) recorded the most significant gains of the day, while CWG (-10.0%) and JOHNHOLT (-9.8%) topped the losers’ list.
Top gainers on the NGX chart include DANGSUGAR (+10%), NASCON (+9.94%), TRANSCORP (+10%), BUAFOODS (+9.09%), GLAXOSMITH (+9.91%) and FLOURMILL (+1.69%) with 28 other stocks.
Overall, equities market capitalisation advanced by N324.26 billion to close at N36.21 trillion.
