NSE Index Rises 0.11% as Market Regains Positive Momentum

Goddy Egene

Gains in consumer goods equities helped to reverse the negative trend at the stock market today, pushing the Nigerian Stock Exchange (NSE) All-Share Index to appreciate by 0.11 per cent to 32,417.82. Specifically, Nestle Nigeria Plc and Flour Mills of Nigeria Plc, which are two leading consumer goods stocks, bolstered the positive close recorded today. Also, Stanbic IBTC Holdings Plc and Zenith Bank Plc recorded gains for the day.

In all, 15 stocks appreciated led by Niger Insurance Plc with 10 per cent, trailed by Prestige Assurance Plc with 8.3 per cent. Four Mills chalked up 7.6 per cent. Learn Africa Plc chalked up 5.4 per cent, just as Okomu Oil Palm Plc and Stanbic IBTC Holdings Plc garnered 5.2 per cent and 4.7 per cent respectively.

Other top price gainers include: Mutual Benefits Assurance Plc (3.5 per cent); WAPIC Insurance Plc (2.4 per cent) and Law Union & Rock Insurance Plc(1.9 per cent) Fidelity Bank Plc (1.5 per cent).

Conversely, The Initiates Plc led the price losers with 9.6 per cent, trailed by Continental Reinsurance Plc with 9.4 per cent. MCNichols Plc shed 9.2 per cent, just as Unity Bank Plc went down by 9.0 per cent.

Unity Bank Plc recently partnered Selah Gardens organise an open day exhibition for gardeners and stakeholders in the botanical and horticultural fields.

The event was to promote entrepreneurship amongst florists, plant farmers, garden furniture makers, hand crafters, landscape artists and dealers in garden equipment and accessories, who participated in the tradeshow to display their wares and designs.

According to the bank, the event was part of efforts by Unity Bank to promote sustainable agriculture and preserve, restore, beautify and enhance the environment.

In terms of sectoral performance, as four of five sectors declined. The NSE Insurance index reversed the previous day’s gains to emerge the leading loser, falling 0.9 per cent. In a similar manner, the NSE Banking Index and NSE Oil & Gas Index shed 0.6 per cent apiece.

On the positive side, the NSE Consumer Goods Index appreciated 0.6 per cent to close as the sole 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.