Activity level (market value traded) remained elevated as Nigerian Breweries continued to drive volumes, reports CSL Stockbrokers.
Most of the sector indices tracked by the NSE were off yesterday’s high.
The NSE Banking index moved 5 bps lower after Guaranty, UBA, Zenith and three other banks counters gave up points. First bank, Sterling and FCMB were the only sector advancers.
Similarly, the NSE Insurance index was 18 bps weaker as Custody Insurance and Wapic edged lower on the day.
Cadbury and Dangote flour declined and countered the gain by Dangote sugar to tip the NSE Food & beverage index 13 bps into negative territory. Also, losses by Onado and Conoil drove the NSE Oil & gas index 71 bps into red zone.
The brewers were mixed. Nigerian Breweries (-0.25%) pulled back today to erase last day’s gain. The rally in International Breweries (IB) however continued with the stock recording its sixth consecutive day gain. IB has rallied 35% since the announcement of the company’s better-than- expected H1 earnings on 3rd of August. Guinness advanced 10 bps to round off the performance posted by the brewers.
In the broad market, the NSE ASI gave up 12.30 points to close at 23,186.72 while the market capitalization decreased by $0.02 billion to close at US$46.13 billion (N7.384 trillion).
Value traded decreased 19.17% to N3.128 billion ($19.55 million) from N3.870 billion ($24.19 million) penultimate day.
The top five traded stocks on the value chart were Nigerian Breweries, Zenith bank, Unilever, Guinness and Glaxosmith.
Reported by CSL Stockbrokers
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