Nigerian stocks rally on increased demand for consumer goods’ shares

found swift recovery on Wednesday after slipping into the negative territory at the session before as the benchmark index 2 per cent, aided by investors’ increasing interest in consumer goods shares.

Transaction volume improved by more than one-fourth, while turnover jumped by as much as 46 per cent. MTNN led the charge, advancing by 9.21 per cent to reach its all-time peak of N262.10 per unit and helping it to regain the top spot as Nigeria’s biggest company by market value months after losing the position to rival Airtel Africa. The telco’s valuation as of the end of trade on Wednesday was above N5.3 trillion.Market breadth, which gauges the depth of investor sentiment towards trade, was positive as 43 advancers were reported compared to 27 laggards.

The all-share index added 1,033 basis points to close at 52,838.5, while market capitalisation closed higher at N28.5 trillion.Okomu Oil was the most profitable stock led, appreciating by 10 per cent to N205.7. CWG went up by 10 per cent to N0.99. Champion Breweries rose to N4.43, notching up 9.93 per cent. McNichols added 9.90 per cent to end the trade at N1.11. IMG completed the top 5, climbing by 9.88 per cent to N9.45.

Source: News Formal (newsformal.com)

Nigeria Latest News, Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Nigerian stocks rise higher amid rush for consumer goods sharesConsumer goods shares were the toast of investors as heavyweights like Nigerian Breweries, International Breweries and Presco...
Source: PremiumTimesng - 🏆 3. / 78 Read more »

VIDEO: Davido shares snippet of first song off next albumNigerian singer, David Adeleke, has shared a snippet of the first song off his next album.
Source: MobilePunch - 🏆 8. / 63 Read more »

Nigerian stocks fall first time in 32 days as investors take profitUntil Tuesday, the bourse had been on a rally since April 32, buoyed by an unusually strong investors’ sentiment, and has now returned 21.3 per cent since the beginning of the year.
Source: PremiumTimesng - 🏆 3. / 78 Read more »

Why fuel queues resurfaced in Abuja - NNPCThe Nigerian National Petroleum Corporation has ascribed the sudden appearance of fuel queues in parts of Abuja to low loadouts and increased purchases that characterise post-holiday periods. Salah don finish suffering continues willabang seen this?
Source: MobilePunch - 🏆 8. / 63 Read more »

Gospel artiste Steve crown survives car accident - Punch NewspapersNigerian gospel singer, Steve Crown, has shared how he narrowly escaped death, after a ghastly car accident. Thank God for His Protection 🙏 Thank God for life saved. And preventation of soul, All glory to control general of the universe, for he has don this and he will still do more Thank you Jesus
Source: MobilePunch - 🏆 8. / 63 Read more »

NCC Engages PwC to Enhance Collocation, Infrastructure SharingEmma Okonji The Nigerian Communications Commission (NCC) has commenced the process of conducting a study to assess the current level of competition in the collocation and infrastructure-sharing seg…
Source: THISDAY LIVE - 🏆 14. / 51 Read more »