Beer Stocks Rally Propels Nigerian Exchange to a 0.49% Surge Post-Easter
Nigerian Exchange sees a 0.49% boost driven by beer stock demand post-Easter, with notable gains from International and Nigerian Breweries.
The Nigerian stock market greeted investors with enthusiasm after the Easter break, as a surge in beer stock investments lifted the exchange by 0.49%. The allure of companies like International Breweries and Nigerian Breweries saw them topping the charts, each securing double-digit gains that excited market participants.
A Toast to Beer Stocks
The bullish sentiment was largely driven by remarkable interest in beer stocks, overshadowing the minor decline in the energy sector which faced a 0.11% drop due to profit-taking. According to Business Post Nigeria, consumer goods surged by 2.57%, painting a green picture across Customs Street.
Record Gains on the Exchange
The All-Share Index soared by 511.17 points, closing at 104,744.98. In terms of market capitalisation, there was a significant rise of N322 billion, reaching a total of N65.821 trillion. The robust performance of beer stocks like International Breweries and Nigerian Breweries, appreciating by 10.00% and 9.94% respectively, was a highlight.
Beer: The Star Performer
International Breweries emerged victorious with a 10.00% surge to N6.05, followed closely by Nigerian Breweries climbing to N39.80. This interest reflects a broader investor sentiment that favored beer over other sectors, pushing demand into the spotlight.
Stock Market Ocean: Both Tides and Eddies
While beer stocks buoyed the marketplace, some sectors weren’t as fortunate. International Energy Insurance fell sharply by 9.46% to N1.34, and Secure Electronic Technology wasn’t far behind with an 8.93% drop. Meanwhile, the session saw a total of 353.3 million shares traded across 13,734 deals, marking a growth in the number of deals by 22.58%.
An Investor’s Delight
The session saw Access Holdings taking the lead in trading volume with transactions hitting 38.6 million units. Apart from making their mark in beer stocks, investors demonstrated strong sentiment and participation across the board.
Concluding Thoughts
The session marked a vivid comeback for the Nigerian stock market with renewed investor optimism post-Easter. Beer stocks set a spirited tone, pulling the market towards greener pastures and leaving traders excited for what upcoming sessions might bring.
