July 5, 2018
By InvestAdvocate
Lagos (INVESTADVOCATE)-Bulls on Thursday resurfaced on the Nigerian Stock Exchange (NSE) as the trading session closed on a positive note, the NSE -all-share index (ASI) gained 0.65 percent to close at 37,743.22 points amid bargain hunting in valued stocks.
InvestmentOne reports that market breadth index was positive with 23 gainers compared to 20 stocks that declined.
Multiverse Mining & Exploration Plc gained +10.00 percent and emerged the topmost gainer, while Capital Oil Plc with a loss of -9.09 percent led the losers chart.
Pan African lender, the United Bank for Africa Plc with a gain of +0.49 percent was the most actively traded with 249.9 million units of shares worth about N3.05 billion.
In terms of sector performance the Industrial index advanced by 1.25 percent on the back of the gains in the shares of cement producers Cement Company of Northern Nigeria Plc and Dangote Cement Plc both gained by +4.74 percent and +2.24 percent each.
In the same vein, the NSE Banking index gained 0.25 percent due to the buy interests in the shares of Sterling Bank Plc which gained by +5.71 percent, Union Bank of Nigeria Plc also appreciated by +1.72 percent. United Bank for Africa Plc and Access Bank Plc grew by +0.49 percent and +0.49 percent apiece, while top tier lender, Guaranty Trust Bank Plc surged +0.12 percent.
InvestmentOne reports also that the NSE Consumer Goods index closed up by 0.15 percent driven by gains in the shares of Dangote Sugar Refinery Plc and Honeywell Flour Mills Plc by +3.54 percent and +1.96 percent.
While top tier brewer, Nigerian Breweries Plc and soap and detergent maker, Unilever Nigeria Plc appreciated by +1.80 percent and +0.49 percent respectively.
On the flip-side, the NSE Oil & Gas index shed 0.94 percent following the selloff in the shares of Capital Oil Plc and Mobil Nigeria Plc both declined -9.09 percent and -7.89 percent apiece
“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.
