July 23, 2018
By InvestAdvocate
Lagos (INVESTADVOCATE)-Bulls resurfaced on the Nigerian equities market, as the the all-share index (ASI) on Monday closed the first trading session of the week in the green, appreciating 0.30 percent and driven by gains across most sectors.
InvestmentOne reports at the close of the session’s trading on the Nigerian Stock Exchange (NSE), market breadth index was positive with 20 gainers compared to 18 stocks that declined.
The report says cable and wire producer, Cutix Plc with a gain of +10.00 percent was the topmost gainer, while Abbey Mortgage Bank Plc with a loss of -10.00 percent led the losers chart.
According to InvestmentOne, airline operator, Medview Airline Plc was the most actively traded with 100 million units of shares worth about N214 million.
In terms of sector performance, the NSE Banking index closed up by 0.63 percent, largely driven by the rise in the shares of tier one lenders, Guaranty Trust Bank Plc and First City Monument Bank Limited; both gained by +2.11 percent and +2.04 each; while Sterling Bank Plc and FBN Holdings Plc rose +1.47 percent and +1.10 percent respectively.
Still on the positive side, the NSE Industrial index advanced by 0.37 percent on the back of gains in the shares of Cutix Plc and cement producer, Dangote Cement Plc both up +10.00 percent and +0.55 percent apiece.
In the same vein, the NSE Consumer Goods index gained 0.10 percent due to the buy interest in the shares of Nascon Allied Industries Plc and beer producer, Nigerian Breweries Plc appreciating +2.72 percent and +0.47 percent respectively.
On the flip-side, the NSE Oil & Gas index lost 1.66 percent following the sell-off in the shares of Forte Oil Plc and Oando Plc; both down -9.68 percent and -7.21 percent, Eterna Plc also declined -2.31 percent.
Nascon Allied Industries Plc released its half year (H1) 2018 results which showed a 1.75 percent year-on-year (y/y) decline in profit before tax (PBT) to N1.68 billion and a loss before tax of N20 million from a PBT of N1.17 billion in the H1 of 2017.
“We believe recent sell-off could present a decent entry opportunities into our quality names. Furthermore, we could see investors take position in anticipation of the release of H1 2018 results and possible corporate action,” the report affirmed.
