Market routes north as consumer goods, insurance stock rally

Trading on the Nigerian Exchange Limited (NGX) closed northwards on Thursday after two consecutive sessions of negatives as investors bought mostly consumer goods, insurance and oil & gas stocks.

With market sentiment still fragile and no significant positive catalysts, analysts had expected another mixed trading session on Thursday.

Rather, stocks value rose by about N82 billion while the NGX All Share Index increased by
130.56 points or 0.12 percent despite sell pressure on banking counters.

At the close of trading, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities market capitalisation increased from preceding trading day’s lows of 106,090.38 points and N66.436 trillion to
106,220.62 points and N66.518 trillion.

UPDC rallied most likely, from N2.52 to N2.77, adding 25 kobo or 9.92 percent. International Breweries increased from N5.20 to N5.70, adding 50kobo or 9.62 percent.

Multiverse Mining and Explanation increased from N7.95 to N 8.65, adding 70 kobo or 8.81 percent, while NGX Group share price moved up from N30.95 to N32.85, adding N1.90 or 6.14 percent.

In 11,233 deals, investors exchanged 341,708,437 shares worth N16.654 billion.
Tantalizers, Access Holdings, Zenith Bank, GTCO and Universal Insurance were actively traded stocks on Thursday.