Food, beverage top earner as capitalisation appreciates ₦23 billion

Food and beverage industries emerges top earner as stocks rose by 1.14 per cent on Wednesday. The Nigerian Stock Exchange capitalisation also appreciated by ₦23 billion.

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 ₦1.744 billion were traded in 3,015 deals at the close of trading on the floor of the bourse.

The NSE capitalisation rose to ₦12.223 trillion from ₦12.2 trillion 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 ₦1.10 and ₦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 ₦60.80 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.

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