July 9, 2018
By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market on Monday closed the first trading session of the week positive; as the benchmark index gained 0.06 percent to close at 37,647.93 points and driven by buy interest in Banking and Consumer Goods indices.
InvestmentOne reports at the close of the session’s trading on the domestic bourse, market breadth index was negative with 20 gainers compared 25 stocks that declined.
The report says Caverton Offshore Support Group Plc with a gain of +9.95 percent was the topmost gainer, while mid-tier lender, Unity Bank Plc with a loss of -9.01 percent led the losers chart.
Nigeria’s tier one lender, Access Bank Plc was the most actively traded with 21.7 million units of shares worth about N225 million.
In terms of sector performance, the Nigerian Stock Exchange (NSE) Banking index appreciated by 0.07 percent and majorly driven by the gain in the shares of pan- African lender, Ecobank Transnational Incorporate which gained +2.00 percent.
Also, the NSE Oil & Gas index advanced by 0.02 percent following the buy interest in Caverton Offshore Support Group Plc which grew by +9.95 percent, Capital Oil Plc up by +6.67 percent and Forte Oil Plc up +3.04 percent.
On the flip-side, the NSE Industrial index closed down by 0.46 percent due to the loss in the shares of cement manufacturer, Lafarge Cement Wapco Nigeria Plc which depreciated by -2.56 percent.
In the same vein, the NSE Consumer Goods index shed 0.18 percent on the back of the sell-offs in the shares of NASCON Allied Industries Plc and Dangote Sugar Refinery Plc both down -5.28 percent and -3.78 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.
