Buy interest in Nigerian Breweries, MTNN and Dangote Cement propelled the Nigerian equities market 2.9 per cent this week as investors expressed delight the Central Bank’s decision to lower benchmark interest rate to 11.5 per cent.

 The All-Share index increased 2.9 per cent to 26,319.34 points, as market capitalisation rose by ₦390.4billion to ₦13.8tn, the market loss for this year while moderated -1.9 per cent.

The average volume and value traded rose 37.6 per cent and 62.0 per cent to 313.5m units and ₦4.1bn respectively.

Sterling Bank emerged the most active equity in  term having sold 161.8m units, FBNH (155.9m units) and Zenith Bank (130.5m units) were second and third respectively, while MTNN (₦5.7bn), GTBank (₦2.5bn) and Zenith Bank (₦2.2bn) led by value.

Nigerian Breweries (+25.1%), CORNERSTONE (+16.4%) and WAPCO (+15.8%) led the top gainers, while REDSTAREX (-16.9%), OANDO (-11.7%) and CHAMPION (-10.0%) led the decliners. In the coming week, we anticipate a sustained positive performance as investors renew interest due to low yield in the fixed income space.

The Consumer Goods index led the pack, up 6.0% following strong demand for NIGERIAN BREWERIES (+25.1%) and INTBREW (+9.1%). Trailing, the Banking and Industrial Goods indices gained 3.6% and 2.4% respectively, following price accretion in FIDELITY (+6.7%), GUARANTY (+6.5%), WAPCO (+15.8%) and DANGCEM (+3.0%).

Similarly, buying interest in MTNN (+3.3%) and SEPLAT (+3.9%) buoyed positive performance in the AFR-ICT (+1.7%) and Oil & Gas (+1.2%) indices. Finally, the Insurance index inched 1.1% higher following price appreciation in CORNERSTONE (+16.4%) and LASACO (+8.0%).