September 11, 2018
By InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market on Tuesday closed the trading session in red, as benchmark index lost 0.48 percent and driven by selloffs across most sectors.
InvestmentOne reports that market breadth index was negative with 14 gainers compared 30 stocks that declined.
According to the report, Law Union & Rock Insurance Plc with a gain of +10.00 percent emerged the topmost gainer, while Dangote Sugar Refinery Plc with a loss of -10.00 percent led the losers’ chart.
Top tier lender, Guaranty Trust Bank Plc with a loss of -5.80 percent was the most actively traded with 17 million units of shares worth about N562 million.
In terms of sector performance, the Nigerian Stock Exchange (NSE) Banking index shed 3.05 percent, due to the losses in the shares of Guaranty Trust Bank Plc by -5.80 percent and Skye Bank Plc down -5.08 percent.
Africa’s global lender, the United Bank for Africa Plc and Zenith Bank Plc both depreciated -4.49 percent and -2.93 percent each, while FBNH Holdings Plc declined -2.76 percent.
The NSE Oil & Gas Index closed down by 1.25 percent, on account of the losses in the shares of Japaul Oil & Maritime Plc and Forte Oil Plc; both down -8.83 percent and -4.99 percent respectively. Oando Plc and Eterna Plc both plunged by -3.81 percent and -3.20 percent apiece.
In the same vein, the NSE Industrial index lost 0.01 percent, largely driven by the sell-off in the shares of cable producer, Cutix Plc which lost by -1.25 percent.
On the positive side, the NSE Consumer Goods index advanced by 1.60 percent, following the gains in the shares of food and beverage maker, Nestle Nigeria Plc and Dangote Flour Mills Plc which surged +9.59 percent and +7.01 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 said.
