Top consumer goods, telco shares help Nigerian stocks manage fragile recovery


Nigerian stocks saw a comeback from a four-day bear run on Wednesday after a spike of interest in the telco, MTN, and food companies, Nestle and Flour Mills, lifted the benchmark index by 0.02 per cent.

But there are concerns as to how far the feeble growth could carry a market that has shed N769.976 billion already this year.

Meanwhile, the day belonged to the consumer goods index, the only one of the five major sectorial indices tracked by the bourse that climbed, seeing a growth of 1.88 per cent, which implies the market would have fallen further without it.

The market recorded a negative breadth, after 27 losers emerged against 12 gainers.

The all-share index inched up 7.42 basis points to 38,774.03, while market capitalisation advanced to N20.287 trillion.

It has been down by 3.72 per cent since the beginning of the year.


Jaiz Bank topped the gainers’ chart, appreciating by 10 per cent to close at N0.66. The Initiates garnered 9.52 per cent to end trade at N0.46.

Royal Exchange went up by 8.33 per cent to N0.39. Ardova leapt to N14.15, notching up 6.91 per cent in the process. Livestock completed the top 5, climbing up by 5.88 per cent to N1.76.

ALSO READ: NSE: Increasing profit-taking in bank stocks drive N67bn retreat


Sterling Bank led losers, declining by 9.47 per cent to close at N1.53. Pharma Deko shed 9.46 per cent to end trade at N1.34. Prestige fell to N0.42, losing 8.70 per cent.

Ardova slumped to N14.15, recording 6.91 per cent depreciation. Livestock closed at N1.76, going down by 5.88 per cent.


A total of 356.461 million shares valued at N4.193 billion were traded in 6,130 deals.

Zenith led trade with 55.031 million units of its stocks worth N1.156 million traded in 763 trades.

Access Bank’s 38.385 million shares priced at N308.553 million exchanged hands in 721 transactions. Transcorp had 31.860 million shares valued at N24.899 million traded in 177 deals.

GTB traded 29.208 million shares estimated at N819.080 million in 516 transactions. Mutual Benefits traded 25.449 million shares valued at N10.021 million in 50 deals.

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