BusinessDay

Nigerian Breweries, others cause market’s N93bn gain as week opens

Investors in Nigeria’s stock market gained N93billion as the market rose by 0.47percent at the close of trading session on Monday. Nigerian Breweries led the advancers league after its share price increased from N41.25 to N45.35, adding N4.10 or 9.94percent.

NEM Insurance also rose from N3.75 to N4.12, adding 37kobo or 9.87percent. PZ Cussons rose from N8.60 to N9.35, adding 75kobo or 8.72percent; while Cadbury increased from N10.25 to N11, up 75kobo or 7.32percent.

In 3,607 deals, investors exchanged 159,561,870 shares valued at N1.950billion. Transcorp, AIICO, Zenith Bank, FBN Holdings and Union Bank were top-5 traded stocks on the Nigerian bourse.

Year-to-date (YtD), the market’s positive return increased to 4.65percent.

“With investors buying up stocks for a second consecutive session, we anticipate a bearish turn tomorrow, as profit-taking on the day’s gainers could outweigh further gains as investors also look out for major decisions at the Monetary Policy Committee (MPC) meeting,” said Vetiva research analysts in their November 21 note.

The market’s performance indicators – Nigerian Exchange Limited (NGX) All Share Index (ASI) and equities Market Capitalisation – which opened the week 44,492.73 points and N24.233trillion closed higher at 44,662.96 points and N24.326trillion.

“We maintain our pessimistic outlook for the equities market as the market remains unattractive to investors amid the prevailing rising yield environment.

“We posit that the MPC’s decision in its November 22 meeting is a crucial factor that will determine the direction and tone of the local bourse going forward,” United Capital analysts said in their investment view for this week.

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