The prices of major food items, such as bags of beans, pepper, tomatoes, eggs amongst others have witnessed a significant surge in Lagos State markets, while the price of local and foreign rice record a slight decrease.
This is according to the latest market survey, carried out by Nairalytics Research – the research arm of Nairametrics.
According to the report, a big bag of brown beans that was initially sold for an average of N33,500, rose by 3.7% to sell for an average of N34,750. Also, the price of a big bag of honey beans increased by 7.02% to sell for an average of N24,750.
Nigerian Stock Exchange (NSE) reversed two days losses to close upbeat, yesterday, as investors renewed interest in insurance stocks.
At the close of trading, market capitalisation appreciated by N50 billion to close at N21.525 trillion. The All-Share Index (ASI) also grew by 96.09 absolute points, representing an increase of 0.23 per cent to close at 41,147.72 points. x
The market gain was driven by price appreciation in large and medium capitalised stocks such as Lafarge Africa, Ardova Plc, BOC Gases, Northern Nigeria Flour Mills (NNFM), and Flour Mills of Nigeria.
Analysts at Afrinvest Limited said: “We expect the equities market to sustain this bullish performance given the positive investor sentiment.”
At the close of transactions Wednesday, the ASI expanded by 45.10 absolute points, or 0.11 per cent increase to close at 40,341.05 points. Similarly, the overall market capitalisation gained N24 billion to close at N21.094 trillion.
The market gain was piloted by price appreciation in medium and large value stocks, including; Mobil Nigeria, Flour Mills of Nigeria, BOC Gases, Seplat Petroleum Development Company, and Ardova Plc.
Analysts at Afrinvest Limited, said: “We believe the positive sentiment would be sustained till the close of the week.”
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Vetiva Dealing & Brokerage, also noted that “With most fundamental indicators (like improving Crude Oil prices, low yields in the fixed income market, as well as a better comparative returns in the equity market) still in favour of the Nigerian equity market, we expect the bulls to continue to dominate most of the sessions in the near term. However, the possibility of profit-taki
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