August 13, 2018
By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market closed the first trading session of the week in red, as as the all-share index (ASI) shed 0.13 percent.
InvestmentOne reports at the close of the the trading session on the flour of the Nigerian Stock Exchange (NSE), market breadth index was negative with 14 gainers compared 26 stocks that declined.
The update says Eterna Plc with a gain of +9.92 percent was the topmost gainer, while insurer, Mutual Benefit Assurance Plc with a loss of -9.09 percent led the losers’ chart.
Africa’s global lender, the United Bank for Africa Plc with a loss of -3.17 percent was the most actively traded with 31 million units of shares worth about N288 million.
In terms of sector performance, InvestmentOne reports that the NSE Banking index lost 0.77 percent largely driven by the sell-offs in the shares of mid -tier lenders, Wema Bank Plc and Skye Bank Plc both lost by -7.35 percent and -3.39 percent respectively. The United Bank for Africa Plc and Diamond Bank Plc both declined -3.17 percent and -2.52 percent apiece. While Access Bank Plc dropped -1.00 percent.
Also, the NSE Oil & Gas index shed 0.13 percent, following the losses in the shares of Japaul Oil & Maritime Plc and Oando Plc; both down -6.90 percent and -5.41 percent each, while Forte Oil Plc depreciated by -0.22 percent.
In the same vein, the NSE Consumer Goods index: declined marginally by 0.01 percent, majorly on account of the declines in the shares of brewer, Guinness Nigeria Plc and Flour Mills of Nigeria Plc; both dropped -4.26 percent and -2.44 percent apiece; while Dangote Sugar Refinery Plc declined by -1.29 percent and the NSE Industrial index closed flat.
“The equities market closed down today due to the losses in most sectors. Despite the sell-off in the equities market in recent times, we believe this presents decent entry opportunities in our quality names,” the InvestmentOne report added.
