June 4, 2018
By InvestAdvocate
Lagos (INVESTADVOCATE)-The bulls on Monday resurfaced on the Nigerian Stock Exchange (NSE), as the all share index (ASI) appreciated 0.37 percent to close in green on the first trading session of the week and driven by gains in the Banking and Oil & Gas counters.
“However, market breadth index was flat with 21 gainers against 21 stocks that declined,” according to InvestmentOne Reports.
InvestmentOne reports at the close of the trading session, Japaul Oil & Maritime Services Plc emerged the topmost gainer with a gain of 9.09 percent; while oil marketing major, Oando Plc posted a loss of 8.96 percent as the worst performing stock.
Dual listed and top tier Lender, Guaranty Trust Bank Plc gained 4.53 percent and was adjudged the most actively traded stock with 67 million units of shares worth N2.68 billion that exchanged hands.
In terms of sector performance, the NSE Banking index: gained 1.60 percent, following the buy interest in GTBank which climbed up 4.53 percent, followed by FBN Holdings Plc up by 3.45 percent, FCMB Plc also appreciated by 3.21 percent. While another tier one lender, Zenith Bank Plc rose by 1.96 percent and Fidelity Bank Plc also up 1.51 percent.
Following suit is the NSE Oil & Gas index which advanced by 0.33 percent, largely driven by the gains in JAPAULOIL by 9.09 percent, Eterna Oil Plc gained 4.99 percent. Still on the gainers spree is oil marketing majors, Forte Oil Plc and Mobil Nigeria both appreciating by 1.00 percent and 0.91 percent respectively.
Also, the NSE Industrial index dipped by 1.12 percent, due to the selloff in the shares of cement producer, Lafarge Cement WAPCO Nigeria Plc which lost by 2.65 percent.
The NSE Consumer Goods index also dropped by 0.02 percent following the losses recorded in the shares of food and beverage maker, Cadbury Nigeria Plc depreciated by 8.00 percent, soap and detergent maker, PZ Cussons Nigeria Limited went down by 4.81, Flour Mills Nigeria Plc dropped 3.22 percent.
In the same vein, beer producer, International Breweries Plc lost by 2.99 percent, sugar manufacturer, Dangote Sugar Refinery Plc and Oando Plc both declined 1.15 percent and 0.57 percent each.
“The Nigerian equities market closed up today on the back of gains in Banking and Oil & Gas sectors. 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,” InvestmentOne affirmed.
