Nigerian Stocks Rally Amid Notable Recovery in Consumer Goods and Energy Sectors

Nigeria’s equities market rebounded on Thursday, breaking its week-long streak of declines.

The resurgence was primarily attributed to the resurgence of select consumer goods, insurance, and oil & gas stocks, driving substantial gains on the buy-side of the trading arena.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) wrapped up the trading session with a commendable 0.06% surge, climbing from its previous 64,625.28 index points to close at 64,663.78 index points. This upward momentum was further mirrored in the equities market capitalization, which experienced a notable uptick to N35.369 trillion.

This boost contributed to an augmented year-to-date (YtD) positive return, now standing tall at an impressive 26.17%.

Taking the lead among the advancing stocks was Cutix, whose share price propelled from N2.50 to N2.70, signifying a remarkable 20 kobo or 8% increase. Following suit was John Holt, with its shares ascending from N1.20 to N1.32, reflecting a gain of 12 kobo or 10%.

CWG also made substantial strides, as its share price surged from N3.28 to N3.60, marking a substantial addition of 32 kobo or 9.76%.

Nonetheless, this week’s journey for the market has been somewhat mixed, experiencing an overall decrease of 1.01%.

The trading floor witnessed a flurry of activity, boasting a total of 5,176 deals. During these transactions, investors exchanged a considerable volume of 320,346,677 shares, collectively valued at N3.729 billion. Among the actively traded stocks, the limelight was shared by Fidelity Bank, Transcorp, UBA, Universal Insurance, and FBN Holdings.