July 12, 2018
By InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market on Thursday continued its bearish run as all-share index (ASI) lost 0.07 percent to close at 37,226.44 points on selloffs in the Banking and Oil & Gas Indices.
InvestmentOne reports at the close the trading session on , market breadth index was negative with 15 gainers compared 30 stocks that declined.
Custodian Investment Plc with a gain of +8.45 percent was the top gainer at the close of the trading session on the domestic bourse, Beta Glass Plc with a loss of -10.00 percent led the losers chart.
Nigerian Aviation Handling Company Plc with a loss of -7.25 percent was the most actively traded with 88 million units of shares worth about N483.47 million.
In terms of sector performance, the Nigerian Stock Exchange (NSE) Banking index shed 1.42 percent as a result of the sell-offs in the shares of top tier lenders Access Bank Plc and Union Bank of Nigeria Plc both declined -3.37 percent and -3.33 percent. While the United Bank for Africa Plc and Zenith Bank Plc both depreciated by -1.96 percent and -1.64 percent respectively.
In the same vein, the NSE Oil & Gas index declined by 0.62 percent largely driven by the losses in the shares of Forte Oil Plc and Oando Plc both down by -3.51 percent and -2.29 percent.
On the positive side is the NSE Industrial index advanced by 0.55 percent following the gains in the shares of cement manufacturer, Lafarge Cement Wapco Nigeria Plc and Dangote Cement Plc both up by +1.77 percent and +0.89 percent each.
Also, the NSE Consumer Goods index gained 0.07 percent due to the buy interest in the shares of International Breweries Plc and Vitafoam Nigeria Plc both gained by +5.61 percent and +4.52 percent each; while soap and detergent producer, Unilever Nigeria Plc was up by +0.29 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.
