September 24, 2018
By InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market closed the first trading session of the week negative, losing 0.27 percent and driven by losses across sectors.
InvestmentOne reports that market breadth index was negative with 13 gainers compared 23 stocks that declined.
The report says soap and detergent producer, Unilever Nigeria Plc with a gain of +4.65 percent emerged the topmost gainer; while Livestock Feeds Plc with a loss of -9.52 percent led the losers’ chart.
Top tier lender, Guaranty Trust Bank Plc with a gain of +1.59 percent was the most actively traded with 67 million units of shares worth about N2.35 billion.
In terms of sector performance, the NSE Oil & Gas index declined by 0.76 percent, following the sell-offs in the shares of oil marketing majors, Forte Oil Plc and Oando Plc; both down -6.74 percent and -2.94 percent apiece.
The NSE Industrial index closed down by 0.74 percent, majorly driven by the shares of cement manufacturer, Lafarge Cement Wapco Nigeria Plc which declined by -2.13 percent.
In the same vein, the NSE Consumer Goods index shed 0.57 percent, on the back of the losses in the shares of Okomu Oil Plc and Dangote Flour Mills Plc; both depreciating -8.96 percent and -3.38 percent respectively, beer producers, Nigerian Breweries Plc and International Breweries Plc declined -3.23 percent and -1.45 percent each.
On the positive side, the NSE Banking index gained 0.19 percent, due to the advancement in the shares of First City Monument Bank Plc and Guaranty Trust Bank Plc; both gaining +2.27 percent and +1.59 percent apiece, Africa’s global lender, United Bank for Africa Plc and Zenith Bank Plc; both appreciated +1.25 percent and +0.96 percent each.
“Despite the recent sell-off in the equities market, we believe this presents decent entry opportunities in our quality names,” the InvestmentOne report affirmed.