Unilever Drives Marginal Market Uptick with 9.91% Rally
The Nigerian Exchange (NGX) closed slightly higher on Thursday, June 27, as a surge in Unilever Nigeria stock helped lift the All-Share Index (ASI) by 0.03 percent, ending the session at 99,311.54 points. This modest gain came as investors took positions in select FMCG and consumer-facing stocks amid cautious market activity.
Unilever Nigeria emerged as the session’s top performer, gaining 9.91 percent to close at N15.50 per share. The rally reflects growing investor confidence in the company’s ongoing strategic repositioning and cost-efficiency measures, which have sparked renewed interest in its equity. The performance is notable in a sector that continues to grapple with inflationary pressures and changing consumer purchasing patterns.
Other consumer-focused gainers included Eterna, VFD Group, and Tantalizers, although none matched Unilever’s double-digit leap. On the flip side, International Energy Insurance, Julius Berger, and The Initiates (TIP) were among the biggest laggards, with declines of 9.24 percent, 8.04 percent, and 6.96 percent, respectively—highlighting a bifurcated market sentiment.
Despite the uptick in the ASI, overall market breadth remained negative, with 23 decliners outweighing 18 gainers. Turnover levels stayed subdued, indicating lingering investor caution influenced by macroeconomic uncertainties, including recent currency volatility and rising operational costs faced by FMCG manufacturers.
Investors exchanged 242.67 million shares valued at N4.34 billion in 6,551 deals. Sectoral movement leaned conservative, although the Consumer Goods Index drew attention due to Unilever’s movement, reinforcing the pivotal role of performance-led equity revaluations in the sector.
As Nigeria’s consumer goods landscape continues to evolve alongside economic reforms and fluctuating input costs, movements like Unilever’s may serve as a bellwether for broader investor sentiment in the FMCG sector. Industry players will be watching closely to assess whether this rally signals a short-term spike or a sustained turnaround in consumer equity valuations.