FOOD AND BEVERAGES STOCKS DRIVE MARKET INDICATORS

Significant appreciation in the prices of Food/Beverages and Tobacco stocks traded on the Nigerian Stock Exchange on Friday impacted positively on the major market indicators.

The NSE's All Share Index rose by 0.78 per cent or 196.67 points to close at 25,322.87basis points, from 25,126.20 basis points on Thursday.

Similarly, the market capitalisation of the listed equities closed at N6.124tn, representing a 0.78 per cent or N48bn rise from N6.076tn recorded the previous day.

The NSE -30 also increased by 0.85 per cent or 8.59 points, from 1,011.76 basis points to close at 1,020.35 basis points on Friday.

According to market analysts, the appreciation recorded could be traced to rebounds in Foods and Beverages subsector and appreciation in some blue chips stock.

They however said the trend across the sectors and the top five trades for the day showed that investors' morale is gaining momentum.

The banking index rose marginally by 0.83 per cent or 3.46 points to close at 420.82 basis points, from 417.36 basis points.

Trading in the sub-sector accounted for 53.6 per cent of total turnover, with the shares of United Bank for Africa Plc and Zenith Bank Plc driving volume. A total of 248.412 million shares, valued at N2.780bn were exchanged in 4,105 deals.

The insurance index also rose marginally by 0.86 per cent or 1.82 points to close at 212.38 basis points, from 210.56 basis points. Activity in the sub-sector followed on the activity chart, as it accounted for 18 per cent of total turnover. Trading in the shares of AIICO Insurance Plc, Niger Insurance Company Plc and Law Union and Rock Insurance Plc drove volume in the sub-sector.

Flour Mills Nigeria Plc led the gainers' chart, with an increase of 4.8 per cent or N2.67 to close at N58.30 per share, while Nigeria Breweries Plc recorded a price gain of 3.3 per cent or N2.00 to close at N63.00 per share. 7-Up Bottling Company Plc also gained five per cent or N1.53 to close at N32.13 per share.

On the other hand, Benue Cement Company Plc recorded the highest loss for the day, shedding 2.9 per cent or N1.88 to close at N63.61 per share. Glaxo Smithkline Consumer Plc followed with a loss of 4.9 per cent or N1.52 to close at N29.45 per share, while Julius Berger also dropped by 2.9 per cent or 89 kobo to close at N30.01 per share.