July 24, 2018
By Kelechi NNANTA InvestAdvocate
Lagos (INVESTADVOCATE)-Bears on Tuesday returned to the Nigerian equities market as the benchmark index declined 0.70 percent and driven by losses across most sectors.
InvestmentOne reports that market breadth index at the close of the trading session on the Nigerian Stock exchange (NSE) was negative with 16 gainers compared to 29 stocks that declined.
Cable producer, Cutix Plc with a gain of +10.00 percent was the topmost gainer, while Lafarge Cement Wapco Plc with a loss of -10.00 percent led the losers chart.
Airline operator, Medview Airline Plc was the most actively traded with 100 million units of shares worth about N211 million.
In terms of sector performance, investmentOne reports that the NSE Industrial index shed 3.88 percent due to the losses in the shares of cement producers, Lafarge Cement Wapco Plc and Dangote Cement Plc both lost by -10.00 percent and -0.42 percent respectively.
Also, the NSE Consumer Goods index declined by 0.69 percent following the sell-off in the shares of soap and detergent manufacturer PZ Cussons Nigeria Plc and Honeywell Flour Mills Plc; both lost -9.82 percent and -9.47 percent each; while Dangote Sugar Refinery Plc dropped by -3.95 percent.
Following the trend are top beer producers, Nigerian Breweries Plc and Guinness Nigeria Plc; both lost -2.31 percent and -1.03 percent apiece.
In the same vein, the NSE Oil & Gas index lost 0.45 percent; following the decline in the shares of Eterna Plc and Oando Plc; both declining -5.51 percent and -2.91 percent each.
The NSE Banking index fell by 0.32 percent on the back of the losses in the shares of lenders, First City Monument Bank Plc and Fidelity Bank Plc both down -9.50 percent and -9.47 percent. Also, mid-tier lender, Unity Bank Plc and United Bank for Africa Plc both dipped by -4.26 percent and -2.66 percent each.
“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 InvestmentOne report affirmed.
