October 15, 2018
By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market on Monday closed the first trading session of the week negative, losing 0.13 percent to 32,413.48 basis points compared to +0.12 percent gain posted previously; as Year-to-Date (YTD) returns declined -15.24 percent.
InvestmentOne reports that market breadth index was somewhat negative with 16 gainers compared to 17 stocks that declined.
According to the report, insurer, Axa Mansard Insurance Plc with a gain of +10.00 percent emerged the topmost gainer, while drugmaker, Fidson Healthcare Plc with a loss of -10.00 percent led the losers’ chart.
Africa’s global lender, the United Bank for Africa Plc with a gain of +0.62 percent was the most actively traded with 15 million units of shares worth about N118 million.
In terms of sector performance, InvestmentOne reports that the Nigerian Stock Exchange (NSE) Industrial index lost 1.90 percent, majorly due to the sell-offs in the shares of cement producer, Lafarge Cement Wapco Nigeria Plc which declined by -6.52 percent.
Also, the NSE Consumer Goods index declined by 0.73 percent, due to the losses in the shares of soap and detergent manufacturer, Unilever Nigeria Plc which lost by -5.29 percent, Nigeria’s foremost brewer, Nigerian Breweries Plc dipped 2.27 percent, while Dangote Sugar Refinery Plc dropped by -1.88 percent, Honeywell Flour Mills Plc gained +0.79 percent.
The NSE Oil & Gas index gained 0.92 percent, largely driven by the buy interest in the shares of oil marketing majors, Forte Oil Plc and Oando Plc; both appreciated +9.88 percent and +2.97 percent apiece.
In the same vein, the NSE Banking index closed up by 0.72 percent, on the back of the gains in the shares of Wema Bank Plc and Fidelity Bank Plc which surged +3.03 percent and +1.60 percent respectively, top tier banks, Guaranty Trust Bank Plc and Zenith Bank Plc grew +1.10 percent and +0.68 percent apiece.
“Despite the recent sell-off in the equities market, we believe this presents decent entry opportunities in our quality names,” the InvestmentOne report affirmed.