August 6, 2018
By InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market on Monday closed the first trading session of the week in the red, losing 0.06 percent; on losses in the Consumer Goods sectors.
InvestmentOne reports that market breadth index was negative with 21 gainers compared to 25 stocks that declined.
The update says insurer, Hallmark Insurance Plc emerged the topmost gainer with a gain of +10.00 percent; while Ikeja Hotels Plc with a loss of -9.90 percent led the losers’ chart.
Africa’s global bank, the United Bank for Africa Plc with a gain of +2.65 percent was the most actively traded with 22 million units of shares worth about N208 million.
In terms of sector performance, the NSE Industrial index closed up by 2.00 percent majorly due to the gain in the shares of cement manufacturer, Lafarge Cement Wapco Nigeria Plc which appreciated by +8.93 percent.
Also, the NSE Banking index gained 0.86 percent following the buy interest in the shares of lenders, Diamond Bank Plc, Ecobank Transnational Incorporated both surged +6.84 percent and +4.27 percent respectively.
First City Monument Bank Limited and United Bank for Africa Plc both grew by +3.23 percent and +2.65 percent apiece.
In the same vein, the NSE Oil & Gas index advanced by 0.42 percent on the back of oil marketing major, Oando Plc and Eterna Plc both surged +2.68 percent and +2.48 percent each, while Forte Oil Plc appreciated by +0.64 percent.
On the negative side, the NSE Consumer index shed 0.93 percent largely driven by the losses in the shares of Dangote Flour Mills Plc and Honeywell Flour Mills Plc; both declined -7.78 percent and -6.59 percent respectively, Flour Mills of Nigeria Plc and beer producer, Nigerian Breweries Plc both depreciated by -5.38 percent and -2.04 percent respectively.
Zenith Bank Plc released its half-year (H1) 2018 results which showed a 11.20 percent year-0n-year (y/y) rise in profit before tax to N53.36 billion while profit after tax declined by 8.36 percent y/y to N34.66 billion.
“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.
