August 2, 2018
By InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market on Thursday closed the trading session in the green, gaining 0.21 percent to to 36,688.91 points, and driven by gains in the Banking sector, as agro-allied and fertiliser firm, Notore Chemical Industries Plc list by introduction on the domestic bourse.
InvestmentOne reports that market breadth index was positive with 23 gainers compared to 16 stocks that declined.
The report says at the close of the trading session on the Nigerian Stock Exchange (NSE), Portland Paints and Products Nigeria Plc with a gain of +9.76 percent was the topmost gainer, while Secure Electronic Technology Plc with a loss of -10.00 percent led the losers’ chart.
The Nigerian Aviation Handling Company Plc was the most actively traded with 131 million units of shares worth about N777.3 million.
In terms of sector performance, the NSE Banking index appreciated 2.39 percent due to the gains in the shares of Unity Bank Plc and United Bank for Africa Plc; both shares surged +7.69 percent and +5.91 percent each, while Access Bank Plc and Zenith Bank Plc both gained +3.09 percent and +2.60 percent respectively.
On the contrary, the NSE Consumer Goods index shed 1.03 percent; following the sell-offs in the shares of Flour Mills of Nigeria Plc and Nigerian Breweries Plc; both declined -5.40 percent and -2.91 percent each; while Guinness Nigeria Plc dipped by -2.08 percent.
In the same vein, the NSE Industrial index declined by 0.50 percent and majorly driven by the losses in the shares of cement manufacturers, Cement Company of Northern Nigeria Plc and Lafarge Cement Wapco Nigeria Plc; both lost -0.81 percent and -0.71 percent apiece, while Dangote Cement Plc lost by -0.43 percent.
Also, the NSE Oil & Gas index lost 0.29 percent on the back of oil marketing major, Oando Plc and Eterna Plc both down -4.27 percent and -1.64 percent each.
Total volume of trades rose by 33.40 percent to 320.45 million units, valued at N3.53 billion, an exchanged in 3,293 deals.
“Despite the 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 update affirmed.
