September 28, 2018
By InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market on Friday closed somewhat flat as the all-share index (ASI) inched up by 0.01 percent to 32,766.37 basis points on mixed movements among sectors, as the week-to-date (WTD) return stands at 0.70 percent.
InvestmentOne reports in the same vein, market breadth index was flat with 22 gainers and 22 losers posted.
According to the report, the Cement Company of Northern Nigeria Plc with a gain of +10.00 percent was the topmost gainer, while United Africa Company of Nigeria Plc with a loss of -9.70 percent led the losers’ chart.
Africa’s global bank, the United Bank for Africa Plc with a gain of +1.20 percent was the most actively traded with 44 million units of shares worth about N371 million.
In terms of sector performance, the InvestmentOne reports the Nigerian Stock Exchange (NSE) Oil & Gas index inched up 0.21 percent, majorly supported by gain in the shares of first dual listed Nigerian oil and gas upstream firm, Seplat Petroleum Development Company Plc with a gain of +1.29 percent.
The NSE Industrial index closed up by 0.16 percent, majorly driven by the buy interest in the shares of cement manufacturer, Cement Company of Northern Nigeria Plc, which appreciated by +10.00 percent, while Chemical And Allied Products Plc also gained by +4.60 percent.
The NSE Consumer Goods index lost 1.35 percent, due to the declines in the shares of United Africa Company of Nigeria Plc which shed -9.70 percent, brewers, Guinness Nigeria Plc and Champion Breweries Plc; both plunged -7.14 percent and -2.86 each, while NASCON Allied Industries Plc and Nestle Nigeria Plc; depreciated -2.63 percent and -2.27 percent respectively.
In the same vein, InvestmentOne reports the NSE Banking index shed 0.05 percent, following the sell-offs in the shares of Fidelity Bank Plc and Ecobank Transnational Incorporated; both plunged -1.73 percent and -0.56 percent apiece; while Guaranty Trust Bank Plc declined by -0.41 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.
