July 13, 2018
By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market on Friday closed the last trading session of the week in the green, appreciating +0.45 percent on gains across all sectors, as week-to-date (WTD) performance closed down by +0.62 percent.
InvestmentOne reports market breadth index on the domestic bourse was negative with 17 gainers compared to 26 stocks that declined.
According to the update, insurer, Sovereign Insurance Plc with a gain of +9.52 percent was the topmost gainer, while Custodian Investment Plc with a loss of -10.00 percent led the losers chart.
Top tier lender, Access Bank Plc with a gain of +1.49 percent was the most actively traded with 85 million units of shares worth about N865 million.
In terms of sector performance, the NSE Industrial index closed up by 3.29 percent majorly driven by the gains in the shares of cement manufacturer, Lafarge Cement Wapco Nigeria Plc which rose by +8.70 percent.
In the same vein, the NSE Oil & Gas index advanced by 0.71 percent, following the buy interest in the shares of first dual listed Nigerian oil and gas upstream firm, Seplat Petroleum Development Company Plc which appreciated by +2.36 percent.
Also, the NSE Consumer Goods index gained 0.54 percent due to the advancement in the shares of sugar producer, Dangote Sugar Refinery Plc and Honeywell flour Mills Plc both up +2.94 percent and +2.62 percent, while brewer, Guinness Nigeria Plc grew by +0.46 percent.
The NSE Banking index rose 0.40 percent with the gains in Union Bank of Nigeria Plc and Unity Bank Plc both up +3.45 percent and +3.00 percent each. Access Bank Plc and First City Monument Bank Plc both gained +1.49 percent and +0.95 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.