Nigeria’s equities market recorded its highest daily gain since the beginning of this month as Nestle Nigeria fuelled record N1.04trillion gain on the local bourse.
The market rose by 1.56 percent at the close of trading on Tuesday, consolidating the positive start to the new week. This week, the market has risen by 2.19 percent, this month it is up by 2.42 percent while year-to-date (YtD) return has risen to 5.28 percent.
On Tuesday May 6, record buy momentum in Nestle Nigeria Plc and other largely capitalised stocks like Northern Nigeria Flour Mills (NNFM), Ecobank Transnational Incorporated (ETI) and Beta Glass strengthened the positive trend seen at the Nigerian Exchange Limited (NGX).
Nestle rallied most, from N1100 to N1210, adding N110 or 10percent. Also, the share price of NNFM rose from N75 to N82.50, adding N7.50 or 10 percent. ETI share price moved from N23.50 to N25.85, adding N2.35 or 10 percent.
Beta Glass advanced from day-open low of N120.75 to N132.80, adding N12.05 or 9.98 percent; while Austin Laz, another major advancers moved from day-open low of N1.71 to N1.88, adding 17kobo or 9.94percent.
“With all key first quarter (Q1) earnings out, the market may see a moderation in broad-based buying. Still, sustained momentum in large-cap consumer names could support a green open, especially if bargain-hunting returns to the banking space,” Vetiva research analysts said ahead of Tuesday’s trading.
At the close of trading on Tuesday, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities market capitalisation moved up from preceding day’s low of 106,698.5 points and N67.060 trillion respectively to 108,361.1 points and N68.105 trillion.
Investors traded mostly the shares of Access Holdings, GTCO, UBA, Sterling and Zenith Bank. In 17,575 deals, investors exchanged 475,459,089 shares valued at N13.899billion.
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