An expansive investor interest in consumer goods shares between Monday and Friday largely strengthened the valuation of Nigerian stocks, which jumped 1.47 per cent this week.
That is evident in the fact that the sector not only outperformed the four others tracked by the Nigerian Exchange but also accounted for four out of the top ten gainers for the week.
Impressive performance, as shown in a more than twofold rise in the annual profit of Flour Mills, and hopes of substantial yield from currently undervalued stocks like Vitafoam and NASCON are drawing smart money to the sector, a trend that could be further sustained in the week ahead.
All the key market performance indicators advanced this week. Market breadth, which gauges investor sentiment, closed on a positive note as 43 gainers were reported against 26 losers.
The all-share index and market capitalisation climbed by 1.47 and 1.49 per cent in that order.
Trade volume of 1.021 billion shares estimated at N14.145 billion was recorded in 17,565 deals, relative to the 1.006 billion shares worth N10.330 billion that were traded in 17,165 deals last week.
The financial services industry led the activity chart, with 721.728 million shares valued at N5.995 billion and traded in 8,709 deals. It added 70.70 per cent and 42.38 per cent to the total equity volume and value respectively.
The consumer goods sector came next, trading 99.083 million shares estimated at N2.395 billion in 3,703 deals. The ICT industry was third, trading 72.718 million shares priced at N3.407 million in 643 deals.
All indices improved save for the NGX Oil/Gas and NGX Growth indices which fell by 1.05% and 0.17% respectively. The NGX ASeM, NGX-AFR Bank Value Index, and NGX Sovereign Bond Indices did not change.
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