October 9, 2018
By InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market on Tuesday closed the second trading session of the week negative, losing 0.08 percent to 32,417.70 basis points, as Year-to-Date (YTD) returns currently stands at -15.23 percent.
InvestmentOne reports that market breadth index was somewhat flat with 20 gainers compared to 21 stocks that declined.
Insurer, Cornerstone Insurance Plc with a gain of +10.00 percent emerged the topmost gainer, while Laboratory Services Company, Union Diagnostic & Clinical Services Plc with a loss of -9.68 percent led the losers’ chart.
According to InvestmentOne, Royal Exchange Assurance Plc with a gain of +5.00 percent was the most actively traded with 232 million units of shares worth about N49 million.
In terms of sector performance, the NSE Consumer Goods index shed 1.44 percent, largely driven by the sell-offs in the shares of soap and detergent producer, Unilever Nigeria Plc and International Breweries Plc both down -6.67 percent and -6.15 percent each, Nigerian Breweries Plc and Presco Plc; declined -2.22 percent and -0.66 percent apiece.
The NSE Oil & Gas index closed down by 0.37 percent, majorly due to the loss in the shares of Oando Plc which depreciated by -2.88 percent.
On the positive side, the NSE Banking index gained 0.64 percent following the advancement in the shares of FBN Holdings Plc and Jaiz Bank Plc, both appreciating +4.42 percent and +1.96 percent respectively, while Wema Bank Plc and Guaranty Trust Bank Plc surged +1.79 percent and +1.23 percent apiece.
In the same vein, the NSE Industrial index closed up by 0.12 percent, on the back of the gain in the shares of Chemical & Allied Products Plc which climbed up +5.45 percent.
Tuesday’s market performance is coming on the heels of the losses in the Consumer and Oil & Gas names. “Notwithstanding the recent sell-off in the equities market, we believe this presents decent entry opportunities in our quality names,” the InvestmentOne report affirmed.
