Investors Bite, Updates

Nigerian Stocks Close Down -0.90% on Sell-Offs in Bellwether Counters

Posted by InvestAdvocate on

More in Investors Bite:

L – R: Shows Baylon Duru, First Vice President, Nigerian Liquefied Petroleum Gas Association; Felix Ekundayo, Deputy President, Nigerian Liquefied Petroleum Gas Association; Tinuade Awe, Executive Director, Regulation, NSE Nuhu Yakubu, President, Nigerian Liquefied Petroleum Gas Association, Alhaji Auwalu Ilu, Managing Director, Ultimate Gas Limited and Tukur Sahabi, Director, Borkir Int. Co. Limited during a Closing Gong Ceremony at the Exchange on Tuesday.

July 3, 2018

By InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian equities market on Tuesday closed the second trading session of the week negative as benchmark index lost 0.90 percent to close at 37,605.12 points, driven by sell-offs across sectors.

InvestmentOne reports that market breadth index was negative with 13 gainers compared to 30 stocks that declined.

The report says that insurer, Prestige Assurance Plc with a gain of +9.43 percent was emerged the topmost gainer, while Jaiz Bank Plc with a loss of -10.00 percent led the losers chart.

Mining and exploration firm, Multiverse Plc was the most actively traded with 100 million units of shares worth about N20 million.

In terms of sector performance, the Nigerian Stock Exchange (NSE) Industrial index closed down by 1.51 percent majorly driven by the losses in the shares of cement manufacturers Lafarge Cement Wapco Nigeria Plc which lost -3.36 percent and Dangote Cement Plc down by -0.58 percent.

In the same vein, the NSE Banking index lost 1.25 percent due to the decline in the shares of Fidelity Bank Plc and Zenith Bank Plc both down -5.91 percent and -2.44 percent each.

Also, pan-African lender, United Bank for Africa Plc and Guaranty Trust Bank Plc declined -1.90 percent and -1.00 percent  each; while FBN Holdings Plc also lost by -0.94 percent.

InvestmentOne reports that the NSE Oil & Gas index declined by 1.16 percent following the losses in the shares of Mobil Nigeria Plc, Oando Plc both dipped -4.95 percent and -2.27 percent, while Forte Oil and Eterna Plc lost -2.19 percent and -1.52 percent.
The NSE Consumer Goods index shed 1.09 percent on the back of the sell-offs in the shares of Honeywell Flour Mills Plc and Nestle Nigeria Plc both declined by -5.31 percent and -4.13 percent.
Dangote Sugar Refinery Plc and Dangote Flour Mills Plc both are down -2.63 percent and -0.99 percent respectively.
“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.

Leave a Comment

Your email address will not be published. Required fields are marked *

*