Markets
Nestle, MTNN, OANDO spur Nigerian equity market to close H1 with 0.71% gain
Buying interest in NESTLE, MTNN, and OANDO buoyed positive performance on the Nigerian equity market, closing the first half of the year with a 0.71% gain.
The benchmark index rose by 0.71% to 37,907.28 as YTD loss improved to -5.9% while market capitalisation grew by ₦138.9bn to ₦19.8trillion.
Trading activity was mixed as volume traded fell by 1.1% to 213.7m units while value traded grew by 19.2% to ₦3.2bn. The most traded stocks by volume were WEMA (18.3m units), OANDO (15.6m units), and MBENEFIT (15.1m units) while MTNN (₦1.7bn), ZENITH (₦265.1m), and NESTLE (₦213.7m) led by value.
The Consumer Goods index led the gainers, up 4.8% largely attributed to price appreciation in NESTLE (+10.0%), FLOURMILL (+2.8%), and UNILEVER (+2.3%). Similarly, the Oil & Gas and AFR-ICT indices rose by 0.7% and 0.4% respectively, due to buying interest in OANDO (+9.7%) and MTNN (+0.6%). On the contrary, the Banking and Insurance indices declined by 0.1% apiece due to sell pressure on ACCESS (-0.6%), STERLING (-3.1%), SOVRENIN (-7.1%), and AIICO (-1.0%).
NESTLE (+10.0%), IKEJAHOTEL (+9.9%), and OANDO (+9.7%) led gainers while BOCGAS (-10.0%), SOVRENINS (-7.1%), and PZ (-7.1%) led decliners.
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