Nigerian stocks rally on increased demand for consumer goods’ shares

Nigerian stocks found swift recovery on Wednesday after slipping into the negative territory at the session before as the benchmark index 2 per cent, aided by investors’ increasing interest in consumer goods shares.

Transaction volume improved by more than one-fourth, while turnover jumped by as much as 46 per cent. MTNN led the charge, advancing by 9.21 per cent to reach its all-time peak of N262.10 per unit and helping it to regain the top spot as Nigeria’s biggest company by market value months after losing the position to rival Airtel Africa. The telco’s valuation as of the end of trade on Wednesday was above N5.3 trillion.

Market breadth, which gauges the depth of investor sentiment towards trade, was positive as 43 advancers were reported compared to 27 laggards. The all-share index added 1,033 basis points to close at 52,838.5, while market capitalisation closed higher at N28.5 trillion.Okomu Oil was the most profitable stock led, appreciating by 10 per cent to N205.7. CWG went up by 10 per cent to N0.99. Champion Breweries rose to N4.43, notching up 9.93 per cent. McNichols added 9.90 per cent to end the trade at N1.11. IMG completed the top 5, climbing by 9.88 per cent to N9.45.

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