May 30, 2018
By InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange (NSE) on Wednesday closed the second trading session of the week in the red, losing 1.08 percent.
“Similarly, market breadth index was negative with 23 gainers against 25 stocks that declined,” according to InvestmentOne Update.
Insurer, Hallmark Insurance Plc topped the gainers chart with a gain of 6.25 percent, while Ikeja Hotels Plc emerged the worst performing stock with a loss of 7.04 percent.
InvestmentOne reports that top tier lender, Access Bank Plc was the most actively traded with 68 million units of shares worth N744 million, gaining 1.87 percent.
In terms of sectoral performance, InvestmentOne update says that the NSE Consumer Goods index shed 2.63 percent due to the losses in the shares of beer producers, International Breweries Plc and Nigerian Breweries Plc both losing by 4.92 percent and 4.35 percent apiece.
Also on the losing streak are food and beverage maker, Nestle Nigeria Plc and Honeywell Flour Mills Plc the duo lost 3.75 percent and 0.44 percent respectively.
The NSE Industrial index closed down by 2.56 percent, majorly driven by the sell-offs in the shares of Lafarge Cement Wapco Nigeria Plc and Dangote Cement Plc both depreciating by 4.94 percent and 1.02 percent apiece.
Similarly, the NSE Banking index lost 0.34 percent, on the back of the decline in the shares of Sterling Bank Plc which dropped by 4.58 percent, Unity bank Plc dipped by 2.25 percemt and Zenith Bank Plc which went down by 1.92 percent.
On the flipside, the NSE Oil & Gas index: Gained 0.06 percent, following the buy interest in the shares of integrated energy company Eterna Plc which gained by 3.98 percent.
“Going forward, we expect the market to remain volatile in the absence of positive news flow. With this said, we highlight that the recent sell-off in the equities market presents an entry opportunity for investors with a medium to longer term horizon,” the InvestmentOne update affirmed.
