Food Stocks Appreciate by 1.14%, Market Gains N23bn

• Food Stocks Appreciate by 1.14%, Market Gains N23bn

Food/beverage stocks soared by 1.14 per cent on Wednesday, thus emerged the top-performing stocks as the Nigerian Stock Exchange capitalisation appreciated by N23bn.

The NSE sector performance showed that the banking and insurance indices also appreciated by 0.22 per cent and 0.46 per cent, respectively. The industrial goods and oil/gas sectors recorded declines of 0.39 per cent and 0.88 per cent, accordingly.

A total of 119.898 million shares worth N1.744bn were traded in 3,015 deals at the close of trading on the floor of the bourse.

The NSE capitalisation rose to N12.223tn from N12.2tn as the All-Share Index closed at 35,464.34 basis points from 35,397.52 basis points.

After closing down for the first two trading days in the week, the Nigerian equities market moved into the green zone as the NSE ASI advanced by 0.19 per cent to settle the year-to-date return at 31.96 per cent.

Volume of transactions and market turnover however declined by 67.90 per cent and 69.74 per cent apiece at the close of the day. Market breadth reflected 16 gainers and 21 losers.

NEM Insurance Company (Nigeria) Plc and Unilever Nigeria Plc topped the gainers’ chart, appreciating by 4.76 per cent apiece to close at N1.10 and N 44, respectively.

The stocks were closely followed by C & I Leasing Plc, Aiico Insurance Plc and Nestle Nigeria Plc, which appreciated by 4.55 per cent, 3.64 per cent and 3.46 per cent, respectively.

On the other hand, Presco Plc topped the losers’ list depreciating by 4.99 per cent to close at N60.80 at the end of trading activities.

This was followed by Oando Plc, Eterna Plc, May & Baker Nigeria Plc and Jaiz Bank Plc, which slid respectively by 4.89 per cent, 4.74 per cent, 4.29 per cent and 4.29 per cent.

“Mixed sentiments pervaded the market on Wednesday as bullish activities on certain market heavyweights offset the sell-offs witnessed on a number of tickers. We expect to see stronger positive momentum in the market as the week draws to a close,” analysts at Meristem Securities said in a post.