September 3, 2018
By InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market was somewhat flat in the first trading session of the week, losing 0.03 percent and driven by losses in the Consumer Goods, Oil & Gas counters.
InvestmentOne reports that market breadth index at the close of trading on the floor of the Nigerian Stock Exchange (NSE) was relatively flat with 18 gainers compared to 19 stocks that declined.
The report says insurer, Hallmark Insurance Plc with a gain of +10.00 percent emerged the topmost gainer at the close of the trading session, while Jaiz Bank Plc with a loss of -10.00 percent led the losers’ chart.
According to the report, beer producer giant, Nigerian Breweries Plc with a loss of -2.96 percent was the most actively traded stock with 19 million units of shares worth about N1.82 billion.
In terms of sector performance, the NSE Consumer Goods index shed 1.57 percent, due to the losses in the shares of Flour Mills Nigeria Plc by -9.67 percent, Guinness Nigeria Plc also declined -5.26 percent. Similarly, Dangote Sugar Refinery Plc and Nigerian Breweries Plc; both lost -4.13 percent and -2.96 percent apiece.
In the same vein, the NSE Oil & Gas index lost 0.72 percent, following the sell-offs in the shares of oil marketing majors, Oando Plc and Forte Oil Plc; both dropped by -5.66 percent and 0.75 percent respectively, while Japaul Oil & Maritime Plc lost by -4.00 percent.
On the positive side, the NSE Banking index gained 0.57 percent, largely driven by the buy interest in the shares of lenders, First City Monument Bank Plc and Zenith Bank Plc; both gained by +2.22 percent and +1.67 percent each, while Guaranty Trust Bank Plc and FBN Holdings Plc appreciated +1.39 percent and +0.57 percent respectively.
Also, the NSE Industrial index closed up by 0.51 percent, on account of the gains of shares in Nigeria’s most capitalised quoted company and cement manufacturer, Dangote Cement Plc which declined by +0.88 percent.
“The equities market was somewhat flat today, shedding 0.03 percent, due to the losses in Consumer 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.
