September 18, 2018
By InvestAdvocate
Lagos (INVESTADVOCATE)-Bulls Tuesday resurfaced on the Nigerian bourse, driven by bellwether counters, as the second trading session of the week closed positive, gaining 0.56 percent.
InvestmentOne reports that market breadth index was positive with 25 gainers compared to 20 stocks that declined.
The report says First Aluminum Plc with a gain of +10.00 percent emerged the topmost gainer, while courier company, Red Star Express Plc with a loss of -9.09 percent led the losers’ chart.
Access Bank Plc with a loss of -1.23 percent was the most actively traded with 85 million units of shares worth about N679 million.
In terms of sector performance, the Nigerian Stock Exchange (NSE) Banking index gained 1.26 percent, due to the advancements in the shares of Unity Bank Plc and Union Bank of Nigeria Plc; both appreciated +9.41 percent and +9.00 percent each; while Wema Bank Plc and First City Monument Bank Limited surged +5.26 percent and +4.38 apiece, Africa’s global lender, the United Bank for Africa Plc gained by +2.78 percent.
The NSE Oil & Gas index closed up by 0.32 percent, following the gains in the shares of Forte Oil Plc and Eterna Plc; both climbed up +5.26 percent and +3.31 percent respectively.
In the same vein, the NSE Consumer Goods index advanced by 0.27 percent, on the back of the buy interest in the shares of Nestle Nigeria Plc and Dangote Sugar Refinery Plc; both gained by +2.26 percent and +0.72 percent each.
Also, the NSE Industrial index inched up by 0.02 percent, majorly driven by the shares of cable producer, Cutix Plc which appreciated by +2.50 percent.
“Despite the recent sell-off in the equities market, we believe this presents decent entry opportunities in our quality names,” the InvestmentOne report affirmed.
