By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange (NSE) on Wednesday closed on a positive as the overall equities market performance measures, the NSE all-share index (ASI) appreciated by 0.09 percent to close at 26,240.45 basis points.
This is coming on the heels of gains recorded in the shares of gains in pan-African lender, Ecobank Transnational Incorporate (ETI) (+6pts), cement manufacturer, Lafarge Cement Wapco Plc (WAPCO) (+6pts) and oil marketer, Forte Oil Plc (FO) (5pts) which offset the sell-off in the shares of Nigeria’s top tier lender, Zenith Bank Plc (ZENITHBANK) (-5pts) and brewer, Guinness Nigeria Plc (GUINNESS) (-4pts).
InvestmentOne Research reports that although the Banking sector closed flat at the end of the session, all other major sectors closed positive with the Oil & Gas and Industrial sectors gaining +0.68 percent and +0.41 percent respectively, while Consumer Goods inched up +0.04 percent.
According to the report, market breadth index closed positive at +0.05x as 21 stocks gained compared to 16 stocks that declined, citing data from the NSE.
Salt refining company, NASCON Allied Industries Plc emerged the top gainer with a gain of 0.37 kobo per share; while Honeywell Flour Mills Plc, operating in the consumer goods sector of the NSE topped the losers list with a loss 0.06 kobo per share.
In terms of turnover, investors exchanged 190 million units of shares in 2,896 deals worth N2.43bn, representing a -77 percent decline in total value while total volume was relatively flat compared to yesterday’s trading session. Conglomerate, Transnational Corporation of Nigeria Plc (Transcorp), with a gain of 1.23 percent was the most actively traded stock recording 12.5 percent of total volume.
“Going forward, we expect the market to remain volatile due to the weak macro-environment and the lack of positive news flow to support the market. That said, we however advise investors to look beyond the current dim macro situation and build position in quality names for a medium to long term horizon,” the InvestmentOne Report affirmed.
