June 8, 2018
By InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market on Friday closed the last trading session of the week in the red, losing 0.96 percent. However, Week-to-Date (WTD) performance closed up by 5.03 percent, according to InvestmentOne reports.
The report says market breadth index at the close of the session’s trading was negative with 19 gainers compared to 28 stocks that declined.
Japaul Oil & Maritime Services Plc emerged the topmost gainer with a gain of +6.90 percent; while on the flip-side is Oando Plc, which lost -8-84 percent to lead the losers chart.
Shares of Dangote Sugar Refinery Plc appreciated by +2.04 percent and was adjudged the most actively traded with 28 million units of shares worth N539 million.
In terms of sector performance, InvestmentOne reports the Nigerian Stock Exchange (NSE) Banking index lost 1.61 percent, majorly driven by sell-offs in the shares of lenders, Diamond Bank Plc and Skye Bank Plc both down -6.17 percent and -3.80 percent each. Also, Zenith Bank Plc and Access Bank Plc declined -2.70 percent and -1.38 percent apiece.
Still on the losing side is the NSE Oil & Gas index which closed down by 1.27 percent, on the back of the losses in the shares of Oando Plc -8.84 percent, Eterna Plc -4.93 percent and first dual listed Nigerian oil and gas upstream firm, Seplat Petroleum Development Company Plc down by -3.25 percent.
The NSE Industrial index shed 0.81 percent due to the decline in the shares of cement manufacturer, Cement Company of Northern Nigeria Plc and First Aluminum Plc both depreciated -5.00 percent and -4.76 percent respectively; and Dangote Cement Plc lost -1.42 percent.
On the positive side, the NSE Consumer Goods index closed up by 0.20 percent following the buy interest in the shares of food and beverage giant, Cadbury Nigeria Plc which gained +4.98 percent, soap and detergent producer, Unilever Nigeria Plc rose +3.77 percent, Dangote Sugar Refinery Plc was up +2.04 percent and Nestle Nigeria Plc gained +1.41 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 report affirmed.
