Stocks Resume Rally, International Breweries Appreciates by 10.22%

• Stocks Resume Rally, International Breweries Appreciates by 10.22%

The Nigerian equities market continued on its two-week rally on Wednesday, recovering from Tuesday’s loss after oil and cement stocks recorded significant gains.

The Nigerian Stock Exchange market capitalisation rose to N11.299tn from N11.131tn, as a total of 499.107 million shares valued at N4.074bn were traded in 6,424 deals.

Thus, the All-Share Index rose by 1.51 per cent to close at 32,686.72 basis points from 32,200.38 basis points. The NSE, therefore, had gained more than 16 per cent in the past two weeks.

International Breweries Plc emerged as the outperformer, after advancing by 10.22 per cent to close at N26.53, following an announcement of its merger plans on Tuesday.

Forte Oil Plc, Dangote Sugar Refinery Plc, May & Baker Nigeria Plc and Unity Bank Plc followed on the list, appreciating by 10.20 per cent, 9.99 per cent, 9.77 per cent and 8.33 per cent, respectively.

On the other hand, the top losers in the day were FBN Holdings Plc, FCMB Group Plc, Union Bank of Nigeria Plc and UACN Property Development Company Plc, which depreciated by 9.22 per cent, 6.67 per cent, 4.93 per cent and 4.91 per cent, accordingly.

The NSE ASI advanced to settle the year-to-date return at 21.63 per cent. However, the volume of shares traded and market value of transactions declined by 33 per cent and 37.50 per cent, accordingly. The market breadth settled at equilibrium, as there were 26 gainers and losers apiece.

The market performance, as measured by the NSE-sector indices showed that the banking and insurance sectors closed in the negative territory while the oil/gas, industrial goods and food/beverages sectors advanced by 2.97 per cent, 2.01 per cent and 0.66 per cent, respectively.