June 28, 2018
By InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange (NSE) on Thursday closed negative in the fourth trading session of the week as benchmark index lost 0.61 percent to close at 37,733.44 points and driven by sell-offs in Banking counters.
InvestmentOne reports that market breadth index was negative with 16 gainers compared to 20 stocks that declined on the Nigerian equities market at the end of the trading session.
The report says Honeywell Flour Mills Plc with a gain of +9.55 percent emerged the topmost gainer on the Nigerian bourse; while insurer, Equity Assurance Plc with a loss of -4.55 percent led the losers chart.
Beer producer, Champion Breweries Plc was the most actively traded with 140.35 million units of shares worth N270 million.
In terms of sector performance, the NSE Banking index lost 0.72 percent due to the decline in the shares of lenders, Wema Bank Plc and Diamond Bank Plc both lost -4.11 percent and -3.52 percent, while Sterling Bank Plc and Zenith Bank Plc dipped -2.11 percent and -0.41 percent respectively.
On the positive side, the NSE Industrial index closed up by 1.45 percent following the buy interest in the shares of Lafarge Cement Wapco Nigeria Plc which gained +5.00 percent.
Also, the NSE Consumer Goods index closed up by 0.53 percent on the back of the gains in recorded in the shares of Honeywell Flour Mills Plc and Cadbury Nigeria Plc both appreciated by +9.55 percent and +4.00 apiece; while Flour Mills of Nigeria Plc and Unilever Nigeria Plc gained +3.70 percent and +2.45 percent apiece. “The NSE Oil & Gas Index closed flat, InvestmentOne reports.
“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 report affirmed.
