NGX Equities Investors Makes N2.3bn On FMCG Stocks

Stock Exchange Closes Trading Week With N30bn Gain

Due to light bargain hunting, equity investors who traded highs and lows on the floor of the Nigerian Exchange (NGX) recorded a modest daily increase in wealth of N2.3 billion. A spike in the consumer and insurance indexes was the primary factor in today’s gain.

Data from domestic stocks’ midweek trading indicated that the market finished in the green. Year-to-date returns have modestly increased while key performance indicators have improved.

The price increases in TRANSCOH (+9.0%), DANGSUGAR (+7.0%), and TRANSCORP (+7.1%) helped the Nigerian Exchange All-Share index (NGX-ASI) increase by one basis point to 65,492.92 points.

Consequently, the market year-to-date return rose to 27.79% from 27.78% recorded on Tuesday, while market capitalisation gained ₦2.3billion to ₦35.8 trillion. Meanwhile, activity level was mixed as volume traded rose 18.7% to 348.3 million units while value traded fell 1.8% to ₦4.0 billion, according to stockbrokers’ notes.

“Market metrics were mixed as volume traded appreciated by 18.69% while market turnover decreased by 1.80%. All in, 348.32 million units were exchanged in 6,237 deals worth N4.05 billion”.

Afrinvest said performance across its analyst coverage sectors was mixed, albeit positively skewed, as 3 indices gained, and 2 lost, while the Industrial Goods index closed flat. Leading the pack, the Consumer Goods and Insurance indices rose 0.4% apiece, owing to price appreciation in DANGSUGAR (+7.0%), VITAFOAM (+0.7%), CORNERST (+6.0%) and WAPIC (+3.3%). Similarly, the AFRICT index rose 1bp, on the back of buy interest in CWG (+5.1%).

Conversely, the Oil & Gas and Banking indices dipped 1.7% and 0.7% respectively, following losses in CONOIL (-10.0%), ETERNA (-8.2%), ZENITH (-1.2%) and FIDELITY (-2.1%). Other losers were NB (-2.48%)and GTCO (-1.78%)

Investor sentiment, as measured by market breadth, improved to -0.06x (previously -0.14x) as 22 stocks advanced, 26 declined, and 66 closed flat. “Tomorrow, we expect profit-taking to dominate trading on the bourse”, Afrinvest told investors in an email.

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