By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market on Thursday closed the second trading session of the week positive, gaining 1.57 percent, driven by gains in Dangote Cement Plc and oil marketing major, Oando Plc as the Eid-il-Kabir Muslim holidays ended.
InvestmentOne reports that market breadth index was negative with 11 gainers compared 25 stocks that declined.
The report says insurer, Wapic Insurance Plc with a gain of +8.82 percent emerged the topmost gainer, while Livestock Feeds Plc with a loss of -9.84 percent led the losers’ chart.
Lender, Union Bank of Nigeria Plc was the most actively traded with 54 million units of shares worth about N436 million.
In terms of sector performance, the Nigerian Stock Exchange (NSE) Industrial index gained 1.98 percent, majorly on account of the advancement in the shares of Nigeria’s most capitalised listed company and cement manufacturer, Dangote Cement Plc with a gain of +6.98 percent.
According to InvestmentOne, the NSE Oil & Gas index closed up by 0.20 percent, on the back of the gains in the shares of Oando Plc which appreciated +5.26 percent.
On the contrary, the NSE Banking index shed 0.64 percent, following the sell-off in the shares of Jaiz Bank Plc which declined -9.43 percent, mid-tier lender, Unity Bank Plc dropped -7.59 percent; while top tier lenders, Access Bank Plc and United Bank for Africa Plc both lost by -5.26 percent and -1.84 percent respectively.
In the same vein, the NSE Consumer Goods index lost 0.39 percent, largely driven by the losses in the shares of Flour Mills Nigeria Plc and Okomo Oil Palm Plc both declined by -4.65 percent and -4.49 percent apiece, while beer producers, International Breweries Plc and Champions Breweries Plc both lost by -3.41 percent and -2.72 percent respectively.
“The equities market closed up today majorly due to the gains in Industrial and Oil & Gas names. 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 affirmed.
