June 11, 2018
By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market on Monday commenced the week on a bullish note gaining 0.44 percent.
“Similarly, market breadth index was positive with 30 gainers against 28 stocks that declined,” according to InvestmentOne report.
The report says at the close of the trading session, Nascon Allied Industries Plc emerged the topmost gainer with a gain of +7.14 percent; while paint producer, Berger Paints Nigeria Plc led the losers chart with a decline of -5.00 percent per share.
InvestmentOne reports that hospitality firm, Ikeja Hotels Plc with a loss of -3.08 percent was the most actively traded with 280 million units of shares worth N705 million.
In terms of sector performance, the Nigerian Stock Exchange (NSE) Banking index gained 1.05 percent, following the buy interest in the shares of lenders, Diamond Bank Plc +6.58 percent, Union Bank of Nigeria Plc +4.46 percent, Fidelity bank Plc +2.63 percent and Sterling Bank Plc up +1.49 percent.
In the same vein, the NSE Consumer Goods index closed up by 0.36 percent and driven by gains in the shares of Nascon Allied Industries Plc +7.14 percent, Flour Mills Nigeria Plc +1.85 percent, Dangote Flour Mills Plc +0.47 percent and Honeywell Flour Mills Plc gained +0.43 percent.
On the flip-side, the NSE Industrial index shed 0.89 percent due to the decline in recorded in the shares of Berger Paints Nigeria Plc down by -5.00 percent, cement producers, Lafarge Cement Wapco Nigeria Plc and Cement Company of Northern Nigeria Plc both down -1.88 percent and -0.38 percent respectively.
Also, the NSE Oil & Gas index closed down by 0.09 percent on the back of the losses in the shares of Eterna Plc down by -4.73 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.
