NGX-ASI up 0.35% as consumer goods, banking stocks spur rally

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The Nigerian Exchange Limited (NGX) All Share Index (ASI) rose by 0.35 percent on Monday, pushing this year’s return higher to 3.11 percent.

The market continued its upward trend at the beginning of the week as investors favour consumer goods and banking stocks, despite sell pressure on oil & gas stocks.

“We anticipate a positive performance in the equities market this week, supported by strong corporate earnings releases and sustained dividend positioning by investors,” Futureview research analysts said.

While noting that the upcoming FGN Bond auction may exert some pressure by attracting liquidity away from equities, the analysts said they “expect sentiment to remain broadly positive”.

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“Investor focus is expected to stay on undervalued, dividend-paying stocks as they seek stable returns in the near term,” Futureview analysts added.

Looking at the top advancers league shows the share price of International Breweries rose from N7.70 to N8.47, adding 77 kobo or 10 percent. The share price of newly listed Legend Internet moved from N6.82 to N7.50, adding 68 kobo or 9.97 percent. Cadbury moved from N26.60 to N29.25, up by N2.65 or 9.96 percent. Fidson rallied from N18.60 to N20.45, up N1.85 or 9.95 percent. Eterna moved up from N39.90 to N43.85, adding N3.95 or 9.90 percent.

The Nigerian Exchange Limited All-Share Index and equities market capitalisation increased from preceding trading day’s 105,752.61 points and N66.465 trillion respectively to 106,116.18 points and N66.693 trillion.

Stocks like Access Holdings, Fidelity Bank, UBA, GTCO, and Nigerian Breweries were actively traded as investors in 17,637 deals exchanged 500,594,807 shares worth N12.110billion.

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ByIheanyi Nwachukwu

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Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.