September 12, 2018
By InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market on Wednesday dipped 3.46 percent in the third trading session of the week, bringing the benchmark index down to 32,292.79 points, driven by selloffs across sectors.
InvestmentOne reports that market breadth index was largely negative with 10 gainers compared to 37 stocks that declined.
According to the update, insurer, Law Union & Rock Insurance Plc with a gain of +9.09 percent was the topmost gainer, while peer, Universal Insurance Plc with a loss of -10.00 percent led the losers’ chart.
Tier one lender, Access Bank Plc with a loss of -8.57 percent was the most actively traded with 46 million units of shares worth about N369 million.
In terms of sector performance, the NSE Industrial index closed down by 3.91 percent, following the losses in the shares of cement manufacturer, Cement Company of Northern Nigeria Plc and Dangote Cement Plc both declined -9.87 percent and -5.83 percent.
In the same vein, the NSE Banking Index Shed 2.83 percent, on account of the selloffs in the shares of Fidelity Bank Plc and Diamond Bank Plc; both lost by -9.58 percent and -8.89 percent each. While Stanbic IBTC and Access Bank Plc depreciated by -8.89 percent and -8.57 percent respectively.
Also, the NSE Consumer Goods index lost 1.57 percent, largely driven by the decline in the shares of Honeywell Flour Mills Plc and Flour Mills of Nigeria Plc; both dropped by –8.55 percent and -7.91 percent each, beer maker, Nigerian Breweries Plc and Nestle Nigeria Plc both lost -4.55 percent and -0.40 percent.
The NSE Oil & Gas index closed up by 0.40 percent, due to the gains in the shares of Japaul Oil & Maritime Plc and first dual listed Nigerian oil and gas upstream firm, Seplat Petroleum Development Company +4.55 percent and +0.61 percent.
“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.
