June 26, 2018
By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market on Tuesday closed relatively flat in the second trading session of the week as the Nigerian Stock Exchange all-share index (NSE-ASI) lost 0.01 percent to close at 37,988.54 points on sell-offs across sectors.
InvestmentOne reports that at the close of the trading session on the domestic bourse, market breadth index was negative with 22 gainers compared to 23 stocks that declined.
The report says insurer, Nem Insurance Plc with a gain of +9.87 percent emerged the topmost gainer, while Japaul Oil & Maritime Services Plc with a loss of -8.89 percent led the losers chart.
Lender, Union Bank of Nigeria Plc with a gain of +0.85 was the most actively traded with 281.5 million units of shares worth N1.55 billion.
In terms of sector performance, the NSE Consumer Goods index closed down by 0.29 percent on the back of the losses in the shares of beer makers, International Breweries Plc and Champion Breweries Plc both down -6.14 percent and -4.00 percent apiece.
In the same vein, the NSE Banking index lost 0.29 percent due to the decline in the shares of lenders, Diamond Bank Plc and Zenith Bank Plc both lost -2.03 percent and -1.73 percent each, while pan African lender, United Bank for Africa Plc and Guaranty Trust Bank Plc both depreciated -0.94 percent and -0.12 percent each.
Also, the NSE Oil & Gas index shed 0.07 percent following the sell-offs the shares of in JAPAULOIL which dipped -8.89 percent and and Mobil Nigeria Plc down -0.55 percent.
On the positive side, the NSE Industrial index rose by 0.89 percent following the buy interest in the shares of cement manufacturer, Lafarge Cement Wapco Nigeria Plc with a gain of +2.49 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 said.
