July 26, 2018
By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-Bulls Thursday resurfaced on the Nigerian equities market, as the all-share index (ASI) rose 0.22 percent on gains across all sectors.
InvestmentOne reports at the close of the trading session on the floor of the Nigerian Stock Exchange (NSE) that market breadth index was neutral with 20 gainers compared 20 stocks that declined.
The report says Honeywell Flour Mills Plc with a gain of +9.88 percent emerged the topmost gainer, while drug maker, Neimeth International Pharmaceuticals Plc with a loss of -9.30 percent led the losers chart.
Top tier lender, Zenith Bank Plc with a gain of +1.94 percent was the most actively traded with 30 million units of shares worth about N717 million.
In terms of sector performance, the NSE Banking index closed up by 0.77 percent; majorly due to the gains in the shares of lenders, First City Monument Bank Plc and Diamond Bank Plc both up +9.44 percent and +6.56 percent each, while FBN Holdings Plc appreciated by +2.66 percent.
According to InvestmentOne report, NSE Consumer Goods index gained 0.19 percent largely driven by gains in the shares of Honeywell Flour Mills Plc and Nestle Nigeria Plc both up +9.88 percent and +3.52 percent apiece, while NASCON Allied Industries Plc gained +2.50 percent.
The NSE Industrial index increased by 0.17 percent, following the buy interests in the shares of cement producer, Cement Company of Northern Nigeria Plc which grew by +8.78 percent.
In the same vein, the NSE Oil & Gas index rose by 0.10 percent, complemented by gains in the shares of Capital Oil Plc and Oando Plc both up +8.70 percent and +1.04 percent 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,” the InvestmentOne report affirmed.
