o

August 3, 2018

By InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian equities market on Friday closed the last trading session of the week in the red, losing 0.52 percent to 36,499.67 points on losses in Banking and Consumer Goods counters.

InvestmentOne reports at the close of the trading session on the domestic bourse, market breadth index was negative with 18 gainers compared to 28 stocks that declined. 

The report says Union Diagnostic & Clinical Services Plc  with a gain of +10.00 percent emerged the topmost gainer, while insurer, Mutual Benefit Assurance Plc with a loss of -9.76 percent led the losers’ chart.

The Nigerian Aviation Handling Company Plc was the most actively traded with 60 million units of shares worth about N235.4 million. 

In terms of sector performance, the Nigerian Stock Exchange (NSE) Banking index lost 0.90 percent, due to the sell-offs in the shares of lenders, First City Monument Bank Limited and Diamond Bank Plc; both lost -7.00 percent and -6.40 percent each. Also, pan-African lenders,  United Bank for Africa Plc and  Ecobank Transnational Inc both declined -4.06 percent and -3.87 percent respectively.

The NSE  Consumer Goods index shed 0.39 percent majorly driven by losses in the shares of Cadbury Nigeria Plc and beer producer, International Breweries Plc; both dropped -8.88 percent and -8.68 percent apiece, while Champion Breweries Plc and Dangote Sugar Refinery Plc depreciated by -4.04 percent and -4.19 percent. 

On the positive side, the NSE Industrial index rose by 0.50 percent,  due to gains in the shares of Nigerian glass maker, Beta Glass Plc and Lafarge Cement Wapco Nigeria Plc both gained +10.00 percent and +0.72 percent each; while cement manufacturer, Cement Company of Northern Nigeria Plc rose by +0.49 percent.

In the same vein, the NSE Oil & Gas index advanced by 0.19 percent following gains in the shares of first dual listed Nigerian oil and gas upstream firm, Seplat Petroleum Development Company Plc and Eterna Plc both appreciated by +0.85 percent and +0.83 percent each.

“The equities market closed down today majorly due to the losses in the Banking and Consumer Goods sector. 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 report added.