Banking, consumer goods stocks push market higher by 1.55%

Nigeria’s equities market on Thursday recorded another trading session of positive close as investors continued their bargain hunting in banking, consumer goods and insurance stocks.

The market strengthened its journey northwards by 1.55 percent or N542billion.

The positive close on August 3 pushed the market’s return year-to-date (YtD) to +27.34percent.

At the close of trading on the Nigerian Exchange Limited (NGX), its All-Share Index and equities market capitalisation increased further from 64,267.36 points and N34.973trillion respectively to 65,263.06 points and N35.515trillion.

PZ Cussons led the market’s league of advancers after its share price rose from N16.50 to N18.15, up by N1.65 or 10percent. It was followed by Nigerian Breweries which increased from N38 to N41.80, up by N3.80 or 10percent.

Read also: FSD Africa invests £10m in InfraCredit’s risk-sharing facility

Also, Sterling Financial Holding Company rose from N3.30 to N3.63, adding 33kobo or 10percent. Chellaram increased from N2.81 to N3.09, up by 28kobo or 9.96percent, while Dangote Sugar Refinery moved up from N32.65 to N35.90, adding N3.25 or 9.95percent.

“Looking ahead, we expect the NGX to deliver double-digit returns this year, possibly outperforming our 15percent forecast return for 2023,” FBN Quest Capital research analysts said in their August 2 note.

They noted that since President Bola Tinubu’s inauguration on May 29, the Nigerian Exchange Limited (NGX) has extended its lead over its main rivals on the continent.

“To provide perspective on the rally’s magnitude, the NGX has gained roughly 15.4percent since the President’s inauguration,” the analysts added.

In 7,095 deals, investors exchanged 445,275,086 shares valued at N5.087billion. Stocks like Sterling Financial Holding Company, FCMB, Access Corporation, Japaul Gold and Fidelity Bank were most actively traded on Thursday.