Appetite for Beer Stocks Lifts Nigerian Exchange by 0.49% After Easter Break

During the session, the energy sector was down by 0.11 per cent due to profit-taking, but the other sectors closed higher, leaving Customs Street in green territory.

Data indicated that the consumer goods space was up by 2.57 per cent, the insurance counter appreciated by 0.71 per cent, and the industrial goods index improved by 0.09 per cent, while the commodity industry was flat.

At the close of transactions, the All-Share Index (ASI) gained 511.17 points to settle at 104,744.98 points compared with last Thursday’s 104,233.81 points and the market capitalisation increased by N322 billion to N65.821 trillion from N65.499 trillion.

International Breweries topped the gainers’ chart after it chalked up 10.00 per cent to sell for N6.05, Nigerian Breweries jumped by 9.94 per cent to N39.80, The Initiates surged by 9.89 per cent to N5.00, Japaul grew by 9.79 per cent to N2.13, and Cornerstone Insurance appreciated by 9.65 per cent to N2.84.

Conversely, International Energy Insurance led the losers’ group after it gave up 9.46 per cent to quote at N1.34, Secure Electronic Technology declined by 8.93 per cent to 51 Kobo, University Press depreciated by 8.82 per cent to N3.10, FTN Cocoa lost 7.40 per cent to trade at N1.75, and Coronation Insurance slumped by 5.50 per cent to N2.06.

Business Post reports that a total of 41 equities appreciated yesterday, while 20 equities depreciated, implying a strong investor sentiment and positive market breadth index.

The most traded stock for the session was Access Holdings with 38.6 million units sold for N875.2 million, Fidelity Bank traded 34.6 million units valued at N651.9 million, Chams transacted 29.7 million units worth N63.6 million, Universal Insurance exchanged 27.8 million units valued at N14.1 million, and Zenith Bank traded 23.7 million units worth N1.1 billion.

The market participants bought and sold 353.3 million shares for N7.2 billion in 13,734 deals on Tuesday versus the 376.3 million shares valued at N7.9 billion traded in 11,204 deals in the preceding session, indicating a 22.58 per cent growth in the number of deals and a decline in the trading volume and value by 6.11 per cent and 8.86 per cent, respectively.