Investors in Interest in Nestle, Others Lift Stock Market by N65bn

The stock market of the Nigerian Exchange Limited (NGX) yesterday recovered from five straight sessions of losses to appreciate by N65billion amid investors renewed interest in Nestle Nigeria Plc, among others.

In summary, the NGX All-Share Index (ASI) grew by 120.48 basis points or 0.25 per cent, to close at 48,675.24 basis points. Consequently, the overall market capitalisation value gained N65 billion to close at N26.254 trillion.

The market positive performance was driven by price appreciation in large and medium capitalised stocks which are; Nestle Nigeria, Stanbic IBTC Holdings, Ecobank Transnational Incorporated (ETI), BUA Cement and NEM Insurance Plc.

Also, market breadth closed positive as 16 stocks gained relative to 11 losers. NEM Insurance recorded the highest price gain of 10 per cent to close at N4.84, per share.

Stanbic IBTC Holdings followed with a gain of 8.93 per cent to close at N30.50 and ETI went up 8.00 per cent to close at N10.80, per share.

Cutix up by 7.37 per cent to close at N2.04, while Japaul Gold and Ventures appreciated by 6.90 per cent  to close at 31 kobo, per share. On the other hand, Fidson Healthcare led the losers’ chart by 9.80 per cent to close at N9.11, per share. FTN Cocoa processors followed with a decline of 9.09 per cent to close at 30 kobo, while Unity Bank lost 2.33 per cent to close at 42 kobo, per share.

FCMB Group declined 2.19 per cent to close at N3.13, while AIICO Insurance shed 1.79 per cent to close at 55 kobo, per share.

However, the total volume traded decreased by 17.92 per cent to 167.569 million units, valued at N3.374 billion, and exchanged in 3,751 deals.
Transactions in the shares of Access Holdings topped the activity chart with 27.898 million shares valued at N231.144 million. United Bank for Africa (UBA) followed with 22.949 million shares worth N160.909 million, while FBN Holdings traded 22.507 million shares valued at N241.975 million.

Guaranty Trust Holding Company (GTCO) traded 16.088 million shares valued at N323.988 million, while Zenith Bank transacted 11.860 million shares worth N261.112 million.

Analysts at GTI Securities Limited stated that, “the domestic market closes the day positive to reverse a two day bearish sentiment. All sector recorded positive performance.

“We expect mixed sentiments to continue in the following trading days, as more companies release their Q2 results.”

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