October 8, 2018
By InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market on Monday closed the first trading session of the week positive, gaining 0.19 percent to 32,444.96 basis points, as its Year-to-Date (YTD) returns currently stands at -15.16 percent.
InvestmentOne reports that market breadth index was positive with 16 gainers compared to 11 stocks that declined.
The report says mid tier lender, Unity Bank Plc with a gain of +9.09 percent emerged the topmost gainer at the close of trading on the floor of the Nigerian Stock Exchange (NSE), while John Holt Plc with a loss of -9.43 percent led the losers’ chart.
According to the update, top tier lender, Guaranty Trust Bank Plc with a gain of +0.41 percent was the most actively traded with 22 million units of shares worth about N789 million.
In terms of sector performance, the NSE Banking index closed up by 0.42 percent, following the gains in the shares of Unity Bank Plc and Union Bank of Nigeria Plc; both appreciated +9.09 percent and +2.00 percent each, FBN Holdings Plc and Stanbic IBTC Bank Plc; surged +1.69 percent and +1.06 percent respectively.
Also, the NSE Consumer Goods index advanced by 0.09 percent, largely driven by Honeywell Flour Mills Plc and beer maker, Nigerian Breweries Plc; both up +2.13 percent and +0.33 percent apiece. The NSE Oil & Gas and Industrial indices closed flat, the report said.
“Notwithstanding the recent sell-off in the equities market, we believe this presents decent entry opportunities in our quality names,” the report affirmed.
