June 7, 2018
By InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market on Thursday continued its bullish run this week for the fourth consecutive session, gaining 1.58 percent and driven by bellwether counters.
Similarly, market breadth index was positive with 29 gainers compared to 19 stocks that declined, according to reports from InvestmentOne research.
Nascon Allied Industries Plc (NASCON) appreciated by +10.07 percent to lead the gainers chart, while Eterna Plc (ETERNA) declined by -4.96 percent to emerge the worst performing stock.
At the close of the trading session on the Nigerian Stock Exchange (NSE) insurer, Wapic Insurance Plc was adjudged the most actively traded stock with 118 million units of shares worth N63 million that exchanged hands.
In terms of sector performance, InvestmentOne reports that the NSE Industrial Goods index advanced by 3.72 percent due to the gains in the shares of Cement manufacturers, Lafarge Cement Wapco Nigeria Plc and most capitalised quoted company on the Nigerian bourse, Dangote Cement Plc both climbed up +4.74 percent and +4.00 percent each.
The reports says the NSE Consumer Goods index closed positive by 1.03 percent on the back of gains in the shares of NASCON by +10.07 percent, Cadbury Nigeria Plc and Dangote Flour Mills Plc both appreciated +4.78 percent and +3.92 percent apiece.
In the same vein, beer producer, International Breweries Plc, Dangote Sugar Refinery Plc and Nigerian Breweries Plc all gained +3.81 percent, +2.08 percent and +1.03 percent respectively.
Still on the positive side, the NSE Banking index gained 0.14 percent following the buy interest in the shares of pan-African lender, Ecobank Transnational Incorporated (ETI) and Stanbic IBTC Bank; both gained +4.47 percent and +3.04 percent each. Sterling Bank Plc and Guaranty Trust Bank Plc; both appreciated by +0.77 percent and +0.24 percent respectively.
On the flip-side, the NSE Oil & Gas index shed 0.46 percent and largely driven by the selloff in the shares of ETERNA which declined -4.96 percent and first dual listed Nigerian oil and gas upstream firm, Seplat Petroleum Development Company Plc
down by -0.68 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,” the InvestmentOne report affirmed.
