September 27, 2018

By InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian equities market on Thursday closed the fourth trading session of the week in the red, losing -0.61 percent to 32,763.35 basis points; compared -0.46 percent decline recorded the previously as Year-to-Date (YTD) returns currently stands at -14.33 percent.

InvestmentOne reports that market breadth index was negative with 13 gainers compared to 21 stocks that declined.

The report says that insurer, Royal Exchange Assurance Plc with a gain of +10.00 percent emerged the top gainer, while transport and logistics firm, ABC Transport Plc with a loss of -9.09 percent led the losers’ chart.

Lender, Fidelity Bank Plc with a gain of +1.76 percent was the most actively traded with 23 million units of shares worth about N39 million.

In terms of sector performance, InvestmentOne reports that the Nigerian Stock Exchange (NSE), Consumer Goods index lost 1.50 percent, due to the decline in the shares of soap and detergent maker, PZ Cussons Nigeria Plc by -4.81 percent, Honeywell Flour Mills Plc and food and beverage producer, Nestle Nigeria Plc lost by -4.76 percent and -4.18 percent respectively.

The NSE Banking index shed 1.01 percent, following the selloffs in the shares of Union Bank of Nigeria Plc and Wema Bank Bank Plc; both declined -3.77 percent and -3.51 percent each; while Guaranty Trust Bank Plc and Diamond Bank Plc depreciated -2.13 percent and -0.84 percent apiece.

In the same vein, the NSE Industrial index closed down by 0.08 percent, majorly driven by the shares of cement manufacturer, the Cement Company of Northern Nigeria Plc which dipped by -2.13 percent.

On the positive side, the NSE Oil & Gas index inched up 0.10 percent majorly supported by the shares of Total Nigeria Plc which gained by +1.05 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.