September 5, 2018
By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market on Wednesday closed the trading session in red, as the all-share index (ASI) lost 1.49 percent on selloffs across sectors.
InvestmentOne reports that market breadth index was negative with 20 gainers compared to 26 stocks that declined.
According to the report, C & I Leasing Plc with a loss of +9.93 percent was the topmost gainer, while insurer, Mutual Benefit Assurance Plc with a loss of -10.00 percent led the losers chart.
Africa’s global lender, the United Bank for Africa Plc with a loss of -0.62 percent was the most actively traded with 22 million units of shares worth about 180 million.
In terms of sector performance the Nigerian Stock Exchange (NSE) Oil & Gas index declined by 3.21 percent, largely driven by the sell-offs in the shares of first dual listed Nigerian oil and gas upstream firm, Seplat Petroleum Development Company Plc and Japaul Oil & Maritime Plc, both depreciated -7.23 percent and -3.85 percent each.
The NSE Industrial index closed down by 2.30 percent, on account of the losses in the shares of cement manufacturers, Dangote Cement Plc and Lafarge Cement Wapco Nigeria Plc; both down -3.04 percent and -1.91 percent each.
In the same vein, the NSE Banking index shed 1.20 percent, due to the losses in the shares of lenders, Stanbic IBTC and Zenith Bank Plc; both declined by -2.08 percent and -2.05 respectively, FBN Holdings Plc and Access Bank Plc lost -1.64 percent and -1.60 apiece, while Guaranty Trust Bank Plc and United Bank for Africa Plc dropped -1.08 percent and -0.62 percent each.
On the positive side, the NSE Consumer Goods index closed up 0.25 percent, following the buy interest in the shares of beer producers, International Breweries Plc and Nigerian Breweries Plc both appreciated by +3.13 percent and +0.54 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 report affirmed.
