Nigerian Stock Market Sees 0.27% Gain with NNFM, Champion Breweries, and Others Leading the Rally

The Nigerian stock market continued its positive momentum on Wednesday, as the All-Share Index (ASI) increased by 0.27%, pushing the market capitalization up by N186 billion. This performance is part of a broader upward trend observed this week, with the market rising by 0.30%. The market has also gained 3.08% this month, and year-to-date returns stand at 5.96%.

Several stocks contributed to this rally, with Northern Nigeria Flourmills (NNFM), MCNichols, Champion Breweries, Caverton, and FTN Cocoa showing significant gains. NNFM saw a 10% increase, rising from N90.50 to N99.55, while MCNichols advanced by 10%, from N1.60 to N1.76. Champion Breweries followed suit with a nearly 10% gain, moving from N5.55 to N6.10.

Caverton and FTN Cocoa also contributed positively, with Caverton climbing by 9.78%, from N3.68 to N4.04, and FTN Cocoa rising by 9.65%, from N2.28 to N2.50. These movements helped boost investor confidence, contributing to the day’s overall market growth.

The NGX ASI and market capitalization saw a rise from the previous day’s levels, closing at 109,059.33 points and N68.543 trillion, respectively. The trading volume for the day reached 531,287,255 shares, with a total value of N19.808 billion exchanged across 14,870 deals.

Investor interest was also strong in major stocks like GTCO, Access Holdings, Fidelity Bank, Nigerian Breweries, and Zenith Bank, which were among the most actively traded securities on the day.

Source: Business Day