July 6, 2018
By InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market on Friday closed the last trading session of the week negative as benchmark index lost 0.31 percent to close at 37,625.59 points, bringing week-to-date (WTD) performance down by 1.71 percent.
This is coming on the heels of sell-offs across sectors as market breadth index was negative with 21 gainers compared to 24 stocks that declined, according to InvestmentOne reports.
At the close of the session’s trading on the domestic bourse, insurer, Equity Assurance Plc with a gain of +10.00 percent emerged the topmost gainer, while industry peer Sovereign Insurance Plc with a loss of -10.00 percent same margin led the losers chart.
Aviation cargo, aircraft handling firm, Nigerian Aviation Handling Company Plc (NAHCO) was the most actively traded with 148.52 million units of shares worth about N1.05 billion.
In terms of sector performance, the Nigerian Stock Exchange (NSE) Industrial index lost by 0.97 percent on the back of selloffs in the share of cement producers, Cement Company of Northern Nigeria Plc and Dangote Cement Plc both declined by -8.44 percent and -1.32 percent apiece.
Also, the NSE Consumer Goods index closed down by 0.87 percent majorly driven by the declines in the shares of salt maker, Nascon Allied Industries Plc and Honeywell Flour Mills Plc; both down -4.18 percent and -2.88 percent, while sugar refiner, Dangote Sugar Refinery Plc dipped by -2.63 percent.
In the same vein, the NSE Oil & Gas index shed 0.79 percent following the losses in the shares of Japaul Oil and maritime services Plc and Mobil Nigeria Plc both depreciated -7.69 percent and -5.71 percent respectively, oil marketing major, Oando Plc lost by -0.77 percent.
On the positive side, the NSE Banking index gained 1.41 percent due to the buy interests in the shares of lenders, Unity Bank Plc and Guaranty Trust Bank Plc both appreciated by +8.82 percent and +3.62 percent each. Also, Skye Bank Plc and Wema Bank Plc gained +1.39 percent and +1.35 percent each.
“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.