September 25, 2018

By InvestAdvocate

Lagos (INVESTADVOCATE)-The bulls on Tuesday resurfaced on the Nigerian equities market to close the second trading session of the week positive and up 2.08 percent to 33,114.44 basis points on gains across sectors.

Investmentone reports that market breadth index was positive with 26 gainers compared to 20 stocks that declined.

Insurer, Law Union & Rock Insurance Plc with a gain of +10.00 percent emerged the topmost gainer,  while Livestock Feeds Plc with a loss of -8.77 percent led the losers’ chart.

Top tier lender, Zenith Bank Plc with a loss of -2.62 percent was the most actively traded with 43 million units of shares worth about N924 million.

In terms of sector performance, the NSE Consumer Goods index rose by 3.24 percent, on the back of the gains in the shares of beverage maker, Nestle Nigeria Plc and beer producer, International Breweries Plc; both appreciated +6.79 percent and +6.56 percent each, while Cadbury Nigeria Plc and Nigerian Breweries Plc also gained +1.66 percent and +0.22 percent apiece.

The NSE Banking index gained 1.48 percent, due to the advancement in the shares of top tier lenders, Guaranty Trust Bank Plc and Stanbic IBTC; both rose +4.96 percent and +4.76 percent each.

FBN Holdings Plc and Africa’s global bank, the United Bank for Africa Plc; both increased +2.92 percent and +2.47 percent respectively.

In the same vein, the NSE Industrial index closed up by 0.75 percent, majorly driven by the shares of cement manufacturer, Dangote Cement Plc which climbed up by +2.44 percent.

On the flipside, the NSE Oil & Gas index declined by 0.24 percent, following the sell-offs in the shares of Japaul Oil & Maritime Plc and Total Nigeria Plc; both declined -8.33 percent and -5.11 percent each, while Mobil Nigeria Plc also dipped by -2.12 percent.

“Despite the recent sell-off in the equities market, we believe this presents decent entry opportunities in our quality names,” the InvestmentOne report said.