June 5, 2018
By Abdulquddus OKELE InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market on Tuesday closed the second trading session of the week in the green, gaining +2.46 percent as oil marketing major, Oando Plc led the gainers chart with a gain of 60 kobo per share.
At the close of the trading session, shares of Oando surged +9.84 percent to N6.70 from N6.10 traded the previous day; thereby gaining 60 kobo per share.
On the losers side, insurer, Hallmark Insurance Plc emerged the worst performing stock with a loss of -6.67 percent, according to InvestmentOne reports.
The InvestmentOne update says at the close of the session’s trading on the domestic bourse market breadth index was positive with 39 gainers compared to 15 stocks that declined.
Top tier lender, Access Bank Plc gained +1.88 percent to emerge the most actively traded stock on the Nigerian bourse with 133 million units of shares worth N1.42 billion.
In terms of sector performance, the InvestmentOne report says the Nigerian Stock Exchange (NSE) Industrial index advanced by 3.21 percent due to the gains recorded in the shares of cement producers, Lafarge Cement Wapco Nigeria Plc, Cement Company of Northern Nigeria Plc and Dangote Cement Plc the trio gaining by +4.98 percent, +3.58 percent and +2.24 percent respectively.
Also, on the gaining side is the NSE Banking index which appreciated by 3.19 percent following the buy interest in the shares of Diamond Bank Plc, Fidelity Bank Plc; both rising +4.96 percent and +4.95 percent apiece. While FCMB Plc, Unity bank Plc and Union Bank of Nigeria Plc increased by +4.89 percent, +4.60 percent and +3.70 percent each.
The NSE Consumer Goods index appreciated by 2.70 percent on the back of gains recorded in the shares of beer producer, International Breweries Plc and sugar refiner, Dangote Sugar Refinery Plc; both increasing +7.69 percent and +6.83 percent respectively, while Nigerian Breweries Plc, Dangote Flour Mills Plc and Flour Mills of Nigeria Plc climbed up +5.00 percent, +4.47 percent and +3.49 percent each.
On the flip side, the NSE Oil & Gas index declined by 0.56 percent largely driven by the loss in the shares of oil marketer, Total Nigeria Plc which dropped by -4.31 percent.
“Going forward, we expect the market to remain volatile in the absence of positive news flow. Despite today’s gain, we believe the market still offers decent entry opportunity for investors with a medium to longer term horizon,” InvestmentOne report affirmed.
