September 26, 2018
By InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market on Wednesday closed the third trading session of the week in the red, losing 0.46 percent to 32,963.27 basis points; as Year-to-Date (YTD) returns currently stand at -13.81 percent.
InvestmentOne reports that market breadth index was negative with 17 gainers compared to 23 stocks that declined.
According to the update, UAC Property Development Company Plc with a gain of +10.00 percent emerged the topmost gainer; while, Berger Paints Plc with a loss -10.00 percent led the losers’ chart.
Lender, Fidelity Bank Plc with a gain of +3.03 percent was the most actively traded with 34 million units of shares worth about N57 million.
In terms of sector performance, the Nigerian Stock Exchange ( NSE) Industrial index shed 1.44 percent, following the decline in the shares of cement manufacturers, Dangote Cement Plc and Cement Company of Northern Nigeria Plc; both declined -2.38 percent and -0.84 percent apiece.
The NSE Consumer Goods index closed down by 0.10 percent, due to the sell-offs in the shares of NASCON Allied Industries Plc and Flour Mills of Nigeria Plc; both depreciated -3.06 percent and -1.75 percent each, beer producer, Nigerian Breweries Plc also plunged -0.11 percent.
In the same vein, the NSE Oil & Gas index declined by 0.04 percent, majorly driven by the shares of oil marketing major, Oando Plc which lost by -0.95 percent.
On the positive side, the NSE Banking index gained 1.86 percent, largely driven by the shares of top tier lender, Zenith Bank Plc and Fidelity Bank Plc; both gained +4.65 percent and +3.03 percent respectively, while Guaranty Trust Bank Plc moved up by +1.35 percent.
“Despite the recent sell-off in the equities market, we believe this presents decent entry opportunities in our quality names,” the InvestmentOne report added.
