June 12, 2018
By InvestAdvocate
Lagos (INVESTADVOCATE)-The shares of cement producer, Dangote Cement Plc, first dual listed Nigerian oil and gas upstream firm, Seplat Petroleum Development Company Plc and food and beverage maker, Nestle Nigeria Plc has driven the Nigerian equities market upwards as the all-share index (ASI) gains +0.83 percent to close at 39,167.04 basis points.
“Similarly, market breadth index was positive with 27 gainers against 21 stocks that declined,” according to reports from InvestmentOne.
At the close of the session’s trading on the floor of the Nigerian Stock Exchange (NSE), the shares of SEPLAT appreciated by +8.14 percent and was adjudged the topmost gainer, while insurer, Prestige Assurance Plc lost -4.69 percent to led the losers chart.
According to InvestmentOne, financial and investment services firm, United Capital Plc gained +4.44 percent to emerge the most actively traded with 82 million units of shares worth N263 million.
In terms of sector performance, the NSE Oil & Gas index advanced by 4.89 percent, on the back of the gains in the shares of SEPLAT by +8.14 percent and Mobil Nigeria Plc up +4.99 percent.
The NSE Industrial index gained 0.49 percent due to the buy interest in the shares of most capitalised listed company on the Nigerian bourse, Dangote Cement which climbed up +1.36 percent.
In the same vein, the NSE Consumer Goods index closed up by 0.38 percent driven by gains in the shares of Cadbury Nigeria Plc and Nestle Nigeria Plc both appreciating +4.00 percent and +3.09 percent each. Also, Honeywell Flour Mills Plc and Dangote Flour Mills Plc grew by +1.73 percent and 0.47 percent respectively, brewer, Champion Breweries Plc gained +0.51 percent to close the session.
On the flip-side, the NSE Banking index shed 0.04 percent following selloffs in the shares of FCMB Plc which lost by -4.17 percent, Access Bank Plc down -1.84 percent and Diamond Bank Plc depreciated by -1.23 percent. Zenith Bank Plc and Guaranty Trust Bank Plc declined -0.37 percent and 0.24 percent respectively.
“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.
