July 30, 2018
By InvestAdvocate
Lagos (INVESTADVOCATE)-The shares of pan-African lender, the United Bank for Africa Plc, first dual listed Nigerian oil and gas upstream firm, Seplat Petroleum Development Company Plc and food and beverage maker, Nestle Nigeria Plc has driven the Nigerian equities market upwards as the all-share index (ASI) gained +0.84 percent to open a new week.
“Similarly, market breadth index was positive with 31 gainers against 22 stocks that declined,” according to reports from InvestmentOne.
At the close of the session’s trading on the floor of the Nigerian Stock Exchange (NSE), the report says the shares of SEPLAT appreciated by +10.00 percent and was adjudged the topmost gainer, while oil marketer, Conoil Plc; lost by the same margin of -10.00 percent to led the losers chart.
InvestmentOne reports that airline operator Med-View Airline Plc with a loss of -9.81 percent was the most actively traded with 100 million units of shares worth about N193 million.
In terms of sector performance, the NSE Oil & Gas index advanced by 4.99 percent, on the back of the gains in the shares of SEPLAT by +10.00 percent and Oando Plc up +9.52 percent.
In the same vein, the shares of Japaul Oil & Maritime Services Plc and Forte Oil Plc also appreciated +7.14 percent and +4.38 percent respectively.
The NSE Banking index closed up by 1.48 percent; majorly due to gains in the shares of Union Bank of Nigeria Plc and Stanbic IBTC by +5.36 percent and +2.57 percent each. The shares of tier one lenders, Guaranty Trust Bank Plc and UBA appreciated +2.27 percent and +1.03 percent apiece, while FBN Holdings Plc gained by +0.50 percent.
Also, the NSE Consumer Goods Index increased by 0.58 percent; following the buy interests in the shares of Flour Mills Nigeria Plc and PZ Cussons Nigeria Plc both gained +8.09 percent and +5.67 respectively; while sugar refiner, Dangote Sugar Refinery Plc climbed up by +3.03 percent.
The NSE Industrial index lost by 0.21 percent as a result of the losses in the shares of cement manufacturer, Cement Company of Northern Nigeria Plc which depreciated by -4.31 percent.
FBNH released its half-year (H1) 2018 results which showed a 28.0 percent and 40.6 percent improvement in profit before tax (PBT) and profit after tax (PAT) to N20.1 billion and N18.8 billion respectively.
Also, SEPLAT released its H1 2018 results which showed a 868.9 percent and 432.1 percent improvement in PBT and PAT to N19.1 billion and N8.6 billion each.
Dangote Flourmills Plc released its H1 2018 results which showed a 55.5 percent and 47.2 percent decline in PBT and PAT to N2.14 billion and N1.67 billion apiece.
Beer producer, International Breweries Plc reported its Q2 2018 results to declare a Loss Before Tax (LBT) and Loss After Tax (LAT) of N2.61 billion and N0.61 billion in Q2 2018 compared to a LBT and LAT of N1.22 billion and N1.22 billion in Q2 2017 respectively.
“Despite the recent sell-off in the equities market in recent times, 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.