October 3, 2018
By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market on Wednesday closed the second trading session of the week negative, losing 0.79 percent to 32,454.03 basis points on losses in the Industrial and Consumer Goods counters.
InvestmentOne reports that market breadth index was positive with 15 gainers compared to 14 stocks that declined.
The report says lender, Diamond Bank Plc with a gain of +5.08 percent emerged the topmost gainer, while insurer, Niger Insurance Plc with a loss of -8.82 percent led the losers’ chart.
Lender, First City Monument Bank Plc with a loss of -1.65 percent was the most actively traded with 38 million units of shares worth about N65 million.
In terms of sector performance, InvestmentOne reports that the Nigerian Stock Exchange (NSE) Industrial index closed down by 1.33 percent, majorly driven by the shares of cement manufacturer and most capitalised listed company on the Nigerian bourse, Dangote Cement Plc which plunged by -2.39 percent.
The NSE Consumer Goods index declined by 0.58 percent, on the back of the losses in the shares of beer producer, Nigerian Breweries Plc and Unilever Nigeria Plc; both down -2.73 percent and -2.17 percent each.
On the positive side, the NSE Banking index: gained 0.38 percent, due to the advancement in the shares of lenders, Diamond Bank Plc and Fidelity Bank Plc; both appreciated +5.08 percent and +2.78 percent each, Zenith Bank Plc and Unity Bank Plc also rose +1.40 percent and +1.15 percent apiece, while Guaranty Trust Bank Plc gained by +0.55 percent. The NSE Oil & Gas Index closed flat.
“Despite the recent sell-off in the equities market, we believe this presents decent entry opportunities in our quality names,” the InvestmentOne report affirmed.