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Sunday 25th February 2024,
Hope for Nigeria

Stocks rise higher amid rush for consumer goods shares

Nigerian stocks rise higher amid rush for consumer goods shares

Nigerian stocks advanced for the thirty-first day on Monday as the benchmark index jumped by 1.9 per cent, strengthening the positive sentiment that has seen a great deal of investors’ cash chase equities for a number of weeks.

Consumer goods shares were the toast of investors as heavyweights like Nigerian Breweries, International Breweries and Presco as well as MTN drove gains.

“We anticipate a calm atmosphere in the domestic equities space, as investors are likely to revert to standoffish positions in the space following a relatively strong earnings season,” said analysts at investment bank United Capital.

“We expect to see some profit-taking in the coming week, emphasising high-yield positions,” they added.

Market breadth, a pointer to investors’ sentiment to trade, closed in the positive as 37 gainers emerged compared to 22 laggards.

The all-share index increased by 968.4 basis points to 51,902.5, while market capitalisation scaled up to N28 trillion.

The index has returned 21.5 per cent so far this year.


Nigerian Breweries led gainers, appreciating by 10 per cent to close at N77. Cadbury grew by 9.96 per cent to end trade at N14.90. Royal Exchange went up by 9.90 per cent to N1.11. Champion rose to N3.67, notching up 9.88 per cent in the process. International Breweries traded up 9.63 per cent to N7.40.


Transcorp Hotels topped the losers’ chart, declining by 10 per cent to close at N4.05. Guinness shed 9.59 per cent to end trade at N99.45. Multiverse closed at N0.20, going down by 9.09 per cent. Wapic fell to N0.42, losing 6.67 per cent in the process. Sunu Assurance slumped to N0.31, recording 6.06 per cent depreciation.


Altogether, 337.6 million shares estimated at N5.6 billion were traded in 7,684 deals.

Transcorp was the most active stock with 37.8 million of its shares worth N45 million traded in 292 deals. GTCO traded 24.8 million shares priced at N580.6 million in 521 transactions. Zenith Bank had 21.2 million shares valued at N521.7 million exchange hands in 396 deals. Access Holdings traded 19.3 million shares estimated at N185.4 million in 271 transactions. FBN Holdings traded 15.8 million shares valued at N190.3 million in 228 deals.


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