Onome Amuge
Nigeria’s stock market staged a strong recovery on Friday, snapping a three-day losing streak as investors added N505 billion in value, buoyed by sharp gains in consumer goods and manufacturing stocks.
The benchmark All-Share Index climbed to 141,004.14 points from 140,332.44 in the previous session, while overall equity market capitalisation rose to N89.2 trillion, up from N88.78 trillion on Thursday. The rebound came as risk appetite returned, with investors piling into select mid-cap and blue-chip names despite a broadly cautious market breadth.
A total of 52 stocks advanced against 14 decliners, with 80 shares unchanged across 25,916 trades. The appreciation was led by FTN Cocoa Plc and Beta Glass Plc, which both posted double-digit price gains, highlighting renewed optimism around consumer-focused companies.
FTN Cocoa, one of Nigeria’s fast-moving consumer goods stocks, closed 10 per cent higher at N6.60 per share, extending its volatile run this quarter as investors speculated on stronger demand for agro-processing and confectionery-linked equities. The rally reflects both local buying interest and increased positioning ahead of anticipated reforms in Nigeria’s cocoa value chain, an industry now under intense scrutiny due to EU sustainability and traceability regulations.
Beta Glass, a key supplier to the beverages and pharmaceuticals industries, also gained 10 per cent to close at N449.35 from N408.50 the previous day. The company has benefited from resilient demand for packaging, even as rising input costs and forex volatility continue to pressure Nigeria’s manufacturing sector. Analysts say the rally may signal investor confidence in consumer-driven sectors that are seen as defensive plays in an inflationary environment.
Veritas Kapital Assurance also added 10 per cent, closing at N1.98 per share, while other gainers included niche industrial and mid-tier financial stocks.
On the downside, Thomas Wyatt Nigeria Plc slumped 9.91 per cent to N3.00, leading the day’s laggards. Power company Geregu fell 9.09 per cent to N1,141.50, while McNichols Plc slipped 7.51 per cent to N3.20.
On the volume index, First City Monument Bank Plc (FCMB) dominated with 135 million shares exchanged across 441 deals, underscoring strong liquidity in the financial sector. Nigerian Breweries followed with 43 million shares in 237 trades, while AIICO Insurance also recorded 43 million shares across 736 deals.
By value, Transcorp Power Plc led the day, with N8.5 billion worth of shares traded in 160 deals, reflecting sustained investor interest in Nigeria’s evolving power sector. Nigerian Breweries recorded N3.0 billion in value, while Guaranty Trust Holding Plc (GTCO) posted N1.4 billion across 1,130 deals.
Market analysts noted that while Friday’s rally provided relief to investors, the underlying mood remains cautious.
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