Stock Gains 0.11% on Positive Momentum

Egypt Stocks
  • Stock Gains 0.11% on Positive Momentum

The Nigerian Stock Exchange (NSE) closed slightly higher on Thursday following the surged in consumer goods equities.

Nestle Nigeria Plc and Flour Mills of Nigeria Plc are two leading consumer goods stocks that bolstered the stock market.

The Nigerian Stock Exchange All-Share Index gained 0.11 percent to 32,417.82.

Overall, 15 stocks closed positive with Niger Insurance Plc leading with 10 percent, followed by Prestige Assurance Plc with 8.3 percent.

While, Four Mills climbed 7.6 percent, Learn Africa Plc chalked up 5.4 percent, just as Okomu Oil Palm Plc and Stanbic IBTC Holdings Plc garnered 5.2 per cent and 4.7 per cent respectively.

In terms of sectoral performance, four of five sectors closed in the red. The insurance sector reversed most of Wednesday’s gains to top losers, declining by 0.9 percent. Similarly, the banking sector and oil & gas sector fell 0.6 percent apiece.

However, consumer goods sector gained 0.6 percent to close as the only gainer for the day.

“Despite the sell-offs noted on several counters during today’s trading session, the gains recorded by some large cap stocks, majorly in the consumer goods space, drove market performance,” analysts at Meristem Securities Limited said.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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