June 22, 2018
By InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market on Friday closed negative in the last trading session of the week as benchmark index lost 0.76 percent to close at 37,862.53 points; bringing the week-to-date (WTD) performance down by 2.74 percent and driven by sell-offs across sectors.
InvestmentOne reports that at the close of the trading session, market breadth index was negative with 15 gainers compared to 23 stocks that declined.
Insurer, Sovereign Trust Insurance Plc gained +6.90 percent to emerge the topmost gainer; while Honeywell Flour Mills Plc lost by -8.33 percent to led the losers chart.
Lender, Fidelity Bank Plc was the most actively traded with 27 million units of shares worth N61 million.
In terms of sector performance, the Nigerian Stock Exchange (NSE) Industrial index declined by 1.94 percent following the losses recorded the shares of cement producers, Lafarge Cement Wapco Plc and Dangote Cement Plc both dropped -2.50 percent and -2.30 percent respectively.
In the same vein, the NSE Consumer Goods index closed down by 0.79 percent on the back of the losses in the shares of Honeywell Flour Mills Plc down by -8.33 percent, while brewing giant, Nigerian Breweries Plc and Flour Mills of Nigeria Plc declined -1.34 percent and -1.27 percent each.
Also, the NSE Oil & Gas index shed 0.61 percent following the sell-offs in the shares of Eterna Plc down by -4.93 percent; while oil marketing majors Forte Oil Plc and Oando Plc both depreciated -4.89 percent and -1.50 percent apiece.
On the positive side, the NSE Banking index closed up by 0.65 percent on the back of the gains in the shares of lenders, Guaranty Trust Bank Plc and Wema Bank Plc both up +1.62 percent and +1.41 percent. Also, Zenith Bank Plc and FBN Holdings Plc gained +0.78 percent and +0.47 percent each.
“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 added.
