- Again, Nigerian Breweries increases prices of beer
The trading week in the Nigerian Equities market kicked off positively, with the benchmark index surging by 0.70 percent to reach 102,044.84 points, reflecting a year-to-date return of 36.47 percent.
This upswing propelled the market capitalization of listed equities by 0.70 percent to N57.69 trillion, resulting in investors accruing gains totaling N403.69 billion.
Among the listed stocks, 34 witnessed price gains, outnumbering the 16 decliners.
Noteworthy performers included HONEY FLOUR, NEM, DANGSUGAR, NASCON, and WEMABANK, which saw share price appreciations of +10.00 percent, +10.00 percent, +9.97 percent, +9.92 percent, and +9.79 percent, respectively.
Conversely, PRESTIGE, LASACO, UACN, RTBRISCOE, and INTENEGINS led the decliners with share price declines of -10.00 percent, -9.83 percent, -9.68 percent, -8.16 percent, and -7.74 percent, respectively.
Overall, trading activity across the stock market displayed positive sentiment, with total deals and volume rising by 5.17 percent and 22.00 percent to 11,344 trades and 436.90 million units. However, the total value declined by 13.98 percent to N17.10 billion.
Sub-sector indices showed bullish results, with the Banking index leading gainers with a 2.00 percent increase, driven by buy pressure in WEMABANK, ZENITH, UBA, ACCESSCORP, and FIDELITY.
The Insurance sector recorded a gain of 1.48 percent, while the Consumer and Industrial Goods indexes saw mild gains of 1.09 percent and 0.11 percent, respectively.
The Oil/Gas sector was the sole loser, declining by 0.23 percent, primarily due to sell sentiment in ETERNA PLC. By session close, GTCO emerged as the most traded security by volume, with 96.63 million units transacted in 493 trades, while TRANSPOWER emerged the most traded security in terms of value, totaling N5.93 billion.
On Monday, in the money market, NIBOR rates trended lower across all tenor buckets.
The Overnight, 1-month, 3-month and 6- month rates declined by 118bps, 250bps, 220bps, and 224bps, respectively.
Key money market rates, including the open repo rate (OPR) and overnight lending rate (OVN), concluded at 30.69 percent and 31.78 percent, respectively.
In the Nigerian Interbank Treasury Bills Yield space, rates across most tenor buckets moved upward, with increases of 32bps, 64bps, and 219bps for the 3-month, 6-month, and 12-month periods. The secondary market for Nigerian Treasury Bills displayed a positive trend, thus the average yield decreased marginally by 0.03 percent to 17.78 percent.
In the bond market, trading activity was slightly negative leading to an increase in the average yield by 3bps to 18.03 percent.
In the sovereign Eurobonds market, negative sentiment prevailed, causing a 0.06% increase in the average yield to 9.77 percent.
Turning to the foreign exchange market, the Naira appreciated by 0.58 percent to close at N1, 617.96 per dollar at the official market. In the Parallel market, the Naira closes at N1, 605 to the dollar.
Again, Nigerian Breweries increases prices of beer
The Nigerian Breweries Plc has announced another increment in the price of its products after the previous increase in February.
The company had earlier issued a new price review notification to all its customers in the West Zone.
According to a letter dated Monday, February 12, 2024, the price review, effective from Monday, February 19, 2024, is deemed necessary to offset the impact of increased production expenses.
Meanwhile, on Monday, another press statement dated March 8, 2024, was sent to customers around the West zone and signed by its zonal business manager, Lekan Awosanya, announcing a new price increase.
In the statement, the company said the new price review will take effect from Friday, March 15, 2024.
According to the notice, the latest price review is premised on the need to mitigate the impact of rising input costs.
The statement read, “As earlier informed we will review the prices of some of our SKUs effective Friday 15th March 2024. This review has become necessary because of the continued rising input cost and the need to mitigate the impact.
“All open orders in our system at 00.00hrs on Friday 15th of March, 2024 will be invoiced at the new prices.”
The company, however, appreciated its customers for their commitment and great partnership while assuring dealers of continued support for sales and distribution.
Nigerian Breweries is the producer of Star lager beer, Gulder lager beer, Legend Extra Stout, Heineken lager beer, Life Continental lager, Ace Passion, Star Lite and Star Radler, 33 Export lager beer, Williams dark ale, Turbo Kings dark ale, More lager beer, Star Radler Red Fruits, and Desperados, amongst others.
