September 6, 2018
By InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market on Thursday closed the trading session in red, as the all-share index (ASI) lost 0.88 percent, driven by selloffs in the Banking and Consumer Goods sectors.
InvestmentOne reports that market breadth index was negative with 19 gainers compared to 31 stocks that declined.
According to the report, at the close of business on the floor of the Nigerian Stock Exchange (NSE), Nigeria’s leading conglomerate in several industries, AG Leventis (Nigeria) Plc with a gain of +10.00 percent was the topmost gainer, while insurer, Wapic Insurance Plc with a loss of -10.00 percent led the losers’ chart.
Top tier lender, Guaranty Trust Bank Plc with a loss of -4.64 percent was the most actively traded with 23 million units of shares worth about N860 million.
In terms of sector performance, the NSE Banking index shed 2.49 percent, due to the losses in the shares of Guaranty Trust Bank Plc with a loss of -4.64 percent, Stanbic IBTC and Zenith Bank Plc lost -4.26 percent and -2.10 percent apiece, while Access Bank Plc and United Bank for Africa Plc; both declined 1.63 percent and -1.25 percent each.
The NSE Consumer Goods index closed down by 1.06 percent, on account of the losses in the shares of soap and detergent producer, Unilever Nigeria Plc and beer producer, International Breweries Plc; both dropped by -6.40 percent and -3.03 percent respectively, Honeywell Flour Mills Plc and Dangote Flour Mills Plc both depreciated -1.89 percent and -1.26 percent each.
On the positive side, the NSE Industrial index gained 0.38 percent, largely driven by the buy interest in the shares of cement manufacturers, Dangote Cement Plc and Lafarge Cement Wapco Nigeria Plc, both plunged +0.45 percent and +0.43 percent each.
In the same vein, the NSE Oil & Gas index closed up 0.15 percent, following the gains in the shares of oil marketing majors, Forte Oil Plc and Oando Plc the duo gaining +5.00 percent and +0.94 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.