July 20, 2018
By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market on Friday closed the last trading session of the week in green, gaining 0.37 percent. However, the all-share index (ASI) shed 2.11 percent Week-to-Date (WTD).
“Nonetheless, market breadth index was negative with 22 gainers against 27 stocks that declined,” according to InvestmentOne report.
The report says at the close of the trading session on the Nigerian Stock Exchange (NSE), cement manufacturer, the Cement Company of Northern Nigeria Plc with a gain of +8.26 percent was the topmost gainer, while producer of specialty Fats and Oils, Presco Plc with a loss of -10.00 percent led the losers chart.
Mid-tier lender, Sterling Bank Plc was adjudged the most actively traded with 317 million units of shares worth about N443 million.
In terms of sector performance, InvestmentOne reports the NSE Oil & Gas index gained 0.96 percent; following the buy interest in the shares of oil marketing majors, Oando Plc and Forte Oil Plc both gained +6.73 percent and +3.33 percent respectively.
The NSE Consumer Goods index shed 0.97 percent due to the sell-offs in the shares of Dangote Sugar Refinery Plc and International Breweries Plc both declined -9.23 percent and -4.34 percent each. While Flour Mills of Nigeria Plc and Nestle Nigeria Plc both dipped -1.00 percent and -0.85 percent apiece.
In the same vein, the NSE Industrial index lost 0.21 percent; due to decline in the shares of cement producer, Lafarge Cement Wapco Nigeria Plc which lost -4.41 percent to offset the gains in recorded in the shares of Dangote Cement Plc by +2.04 percent.
Also, the NSE Banking index fell by 0.18 percent largely driven by the losses in the shares of lenders Fidelity Bank Plc and First City Monument Bank Limited both down -5.05 percent and -2.00 percent each; while United Bank for Africa Plc dipped by -1.55 percent.
This is coming on the heels of Dangote Cement Plc release of its half-year (H1) 2018 results which showed a 1.28 percent and 24.07 percent decline in profit before tax (PBT) and profit after tax (PAT) to N77 billion and N41 billion respectively.
Also, soap and detergent producer, Unilever Nigeria Plc. released its H1 2018 results which showed a 32.12 percent and 36.03 percent improvement in PBT and PAT to N3.78 billion and N2.82 billion respectively.
“Despite the continued sell-off in the equities market, we believe this presents decent entry opportunities in our quality names. Furthermore, we could see investors take position in anticipation of the release of H1 2018 results and possible corporate action,’ InvestmentOne report affirmed.
