August 29, 2018
By InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market on Wednesday closed the third trading session of the week in the red, losing 0.44 percent and driven by losses in the Consumer Goods and Industrial Goods sectors.
InvestmentOne reports that market breadth index was negative with 18 gainers compared to 27 stocks that declined on the flour of the Nigerian Stock Exchange (NSE)
According to the update, paint producer, Portland Paints & Products Nigeria Plc with a gain of +9.96 percent emerged the topmost gainer, while Livestock Feeds Plc with a loss of -10.00 percent led the losers’ chart.
Insurer, Nem Insurance Plc was the most actively traded with 180 million units of shares worth about N540 million.
In terms of sector performance, InvestmentOne reports that the NSE Industrial index shed 1.90 percent, due to the losses in the shares of cement manufacturers, Lafarge Cement Wapco Nigeria Plc and Dangote Cement Plc both down -5.56 percent and -0.43 percent respectively.
The NSE Consumer Goods index lost 0.05 percent, on account of the sell-offs in the shares of Flour Mills Nigeria Plc and Unilever Nigeria Plc; both declined -7.06 percent and -1.96 percent each; while Honeywell Flour Mills Plc dropped -1.84 percent each.
On the positive side, the NSE Oil & Gas index closed up by 0.52 percent, following the gains in the shares of oil marketing major, Oando Plc and Eterna Plc; both gained +3.85 percent and +3.33 percent apiece; while Total Nigeria Plc closed up by +1.05 percent.
In the same vein, the NSE Banking index advanced by 0.18 percent largely driven by the shares of lenders, Skye Bank Plc and Diamond Bank Plc both gained by +7.69 percent and +6.92 percent respectively, while Ecobank Transnational Incorporated and Access Bank Plc both appreciated by +3.89 percent and +2.15 percent each.
“Despite the sell-off in the equities market in recent times, we believe this presents decent entry opportunities in our quality names,” the InvestmentOne update affirmed.