Nigeria’s equities market furthered its northward journey on Tuesday by 0.24percent, following increased demand in consumer goods stocks. Investors gained about N72billion at the close of trading despite sell-off in banking and insurance stocks.
At the close of trading session on Tuesday February 14, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and its Market Capitalisation increased from preceding day’s 54,364.67 points and N29.610trillion respectively to 54,496.31 points and N29.682trillion. Year-to-date (YtD), the market has risen by 6.33percent.
Stocks like Guinness Nigeria Plc and Tripple G made the league of top advancers that pushed the market higher. Guinness Nigeria Plc share price moved up most by N4 or 6.35percent, from N63 to N67. It was followed by Tripple G which rose from N1.37 to N1.50, after rising by 13kobo or 9.49percent.
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On the other hand, Fidson declined most on Tuesday, from N9.87 to N9.50, losing 37kobo or 3.75percent. It was followed by International Energy Insurance Plc which decreased from N1.29 to N1.21, losing 8kobo or 6.20percent.
BUA Foods, UBA, Access Corporation, Sterling Bank and CWG were actively traded stocks on the Nigerian Exchange where investors in 3,617 deals, exchanged 177,924,234 shares valued at N5.693billion.
The market further defies analysts’ expectation of mixed performance this week. In their investment views this week, the United Capital research analysts said they expect the depressed interest rate environment to continue to favour the equities market “in line with our expectations for first-quarter (Q1) 2023.” Though they analysts noted that the profit-taking activities seen last week “serve as a caution to market participants as the bears may fully resume.”
The National Bureau of Statistics (NBS) is expected to release its inflation report for January 2023. “Looking ahead, the implementation of the Naira redesign policy which has been met with serious challenges like shortage of the new Naira note is a new clog in the campaign against inflation. While the CBN has made considerable progress in mopping up the old currencies, the hopes of this achieving its intended inflation moderating effect is in question for the short term,” said research analysts at Lagos-based Meristem.
