June 29, 2018
By InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market on Friday closed the week on a positive note as as the benchmark index gained 1.44 percent to close at 38,278.55 points; bringing the Week-to-Date (WTD) performance up +1.10 percent.
InvestmentOne reports that market breadth index was positive with 30 gainers compared to 18 stocks that declined.
The report says Eterna Plc emerged the topmost gainer with a gain of +4.99 percent, while Honeywell Flour Mills Plc with a loss of -4.98 percent led the losers chart.
Lender, Wema Bank Plc with a gain of +4.29 percent was the most actively traded with 171.3 million units of shares worth about N120 million.
In terms of sector performance, the Nigerian Stock Exchange (NSE) Consumer Goods index closed up by 2.83 percent on the back of the gains recorded in the shares of beer of producers, International Breweries Plc which gained +3.29 percent, and Nigerian Breweries Plc up +2.88 percent.
Also, Champion Breweries Plc and Guinness Nigeria Plc appreciated by +1.01 percent and +0.72 percent, while soap and detergent producer, Unilever Nigeria Plc was up by +0.48 percent.
In the same vein, the NSE Oil & Gas index advanced by 0.65 percent following the buy interest in the shares of Eterna Plc which surged +4.99 percent, Total Nigeria Plc up +4.74 percent and Mobil Oil Nigeria Plc appreciating +1.10 percent.
Also, the NSE Banking index gained 0.54 percent due to the advancements in the shares of lenders, Diamond Bank Plc and Wema Bank Plc both up +4.38 percent and +4.29 percent. Guaranty Trust Bank Plc and Zenith Bank Plc both climbed up by +1.12 percent and +0.40 percent each.
On the flip-side, the NSE Industrial index closed down by 0.43 percent following the loss in the shares of cement manufacturer, Lafarge Cement Wapco Nigeria Plc by -2.50 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 added.
