FBN Holdings, Eterna, Cadbury, others push NGX-ASI higher by 0.51%

Nigeria’s equities market on Wednesday rose by 0.51 percent or N332billion, recording its third consecutive day of positive close this week.

The record positive at the Lagos Bourse was driven by investors who bought shares of FBN Holdings, Eterna Plc and Cadbury, among other major gainers.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities Market Capitalisation increased from preceding day’s lows of 104,788.35 points and N64.889 trillion respectively to 105,324.89 points and N65.221 trillion. This year, the market has risen by 2.33 percent, while this month it has increased by 0.79 percent.

FBN Holdings rallied most among major gainers on Wednesday, after its share price moved from N29.30 to N32.10, adding N2.80 or 9.56 percent. Eterna Plc share price also rose from N27.60 to N30.35, adding N2.75 or 9.96percent, while Cadbury went up from N22.10 to N24.30, gaining N2.20 or 9.95 percent.

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“We expect market direction in February to be shaped primarily by investor reactions to the ongoing release of FY’24 financial results. In our view, we believe that some consumer goods counters may see positive momentum, driven by a relatively stronger Q4’2024 performance, supported by Naira stability during the quarter,” CardinalStone research analysts said in their February 5 note.

“We like UACN, Nestle, and Unilever. Additionally, dividend-seeking investors are likely to position ahead of dividend announcements from key dividend-paying stocks like the tier-1 banks, Aradel, and Total amongst others,” the analysts added.

At the close of trading on Wednesday, investors in 14,854 deals exchanged 1,044,847,521 shares valued at N28.446billion. Access Holdings, FBN Holdings, UACN, Zenith Bank, and AIICO were most traded stocks on the NGX.

Also, Coronation research analysts said in their February 4 note that, “We anticipate that the ongoing release of FY’24 earnings reports will keep influencing market sentiment. Therefore, we will keep watching the market for exciting entry opportunities”.