October 5, 2018
By InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market closed the last trading session of the week negative, losing 0.12 percent to close at 32,383.15 basis points on selloffs in Banking counters.
InvestmentOne reports that the market shed 1.17 percent week-to-date (WTD) and year-to-date (YTD) returns currently stands at -15.32 percent.
The report says market breadth index was positive with 21 gainers compared to 15 stocks that declined.
Insurer, Wapic Insurance Plc with a gain of +8.11 percent emerged the topmost gainer, while peer Law Union & Rock Insurance Plc with a loss of -8.33 percent led the losers’ chart.
Lender, First City Monument Bank Limited was the most actively traded with 42 million units of shares worth about N72 million.
In terms of sector performance, the Nigerian Stock Exchange (NSE) Banking index lost 1.47 percent, following the selloffs in the shares of lenders, Zenith Bank Plc and Fidelity Bank Plc; both dipped -3.79 percent and -2.69 percent each, while FBN Holdings Plc and Guaranty Trust Bank Plc; declined -2.20 percent and -0.95 percent respectively.
In the same vein, the NSE Industrial index shed 0.02 percent, majorly due to the decline in the shares of cement manufacturer, Dangote Cement Plc which depreciated by -0.05 percent.
On the positive side, the NSE Consumer Goods index advanced by 1.10 percent, largely driven by the gains in the shares of United Africa Company of Nigeria Plc and Champion Breweries Plc; both appreciated +7.48 percent and +5.88 percent each.
Dangote Flour Mills Plc and food and beverage producer, Cadbury Nigeria Plc; both gained +4.83 percent and +4.32 percent each, while beer maker, Nigerian Breweries Plc appreciated by +3.70 percent.
The NSE Oil & Gas index gained 0.30 percent, on the back of the buy interest in the shares of Japaul Oil & Maritime Plc and Oando Plc; both gained +4.35 percent and +1.96 percent respectively, Conoil Plc also gained by +1.37 percent.
“Notwithstanding the recent sell-off in the equities market, we believe this presents decent entry opportunities in our quality names,” the InvestmentOne report said.
