July 2, 2018
By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market on Monday commenced the week on a negative note; as the all-share index (ASI) lost 0.83 percent to close at 37,946.92 points, driven by sell-offs across sectors.
InvestmentOne reports that market breadth index was negative with 16 gainers compared to 21 stocks that declined.
At the close of the trading session on the domestic bourse, insurer, AIICO Insurance Plc with a gain of +9.84 percent emerged the topmost gainer’ while oil marketer, Forte Oil Plc with a loss of -9.74 percent led the losers chart.
The report says lender, Sterling Bank Plc was the most actively traded with 100.4million units of shares worth about N138million.
In terms of sector performance, the Nigerian Stock Exchange (NSE) Industrial index closed down by 1.04 percent following the loss in the shares of cement producer, Dangote Cement Plc by -2.14 percent.
In the same vein, the NSE Banking index lost 1.02 percent due to the decline in the shares of lenders, Diamond Bank Plc and Union Bank of Nigeria Plc both lost by -3.50 percent and -1.64 percent each. Also, Zenith Bank Plc and Guaranty Trust Bank Plc both declined by -1.60 percent and -1.23 percent respectively.
The NSE Consumer Goods index shed 0.11 percent on the back of the sell-offs in the shares of Honeywell Flour Mills Plc and brewer, Nigerian Breweries Plc both plunged by -9.61 percent and -0.96 percent apiece.
On the positive side, the NSE Oil & Gas index advanced by 0.77 percent following the buy interest in the shares of oil marketer, Mobil Nigeria Plc and Oando Plc both up +9.23 percent and +3.12 percent respectively; while Caverton Offshore Support Group Plc gained +0.46 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 affirmed.