Suspended Director General Securities and Exchange Commission (SEC) Mr. Mounir Gwarzo during the hearing of the suspended DG SEC over fraud allegations at the FCT High Court Abuja on Thursday
October 18, 2018
By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market on Thursday closed the fourth trading session of the week positive, appreciating +0.70 percent to 32,664.63 basis points compared to -0.87 percent depreciation recorded previously, on the gains recorded in the shares of Nigeria’s most capitalised listed company and cement producer, Dangote Cement Plc, as Year-to-Date (YTD) returns currently stands at -14.59 percent.
InvestmentOne reports that market breadth index was negative with 13 gainers compared 22 stocks that declined.
According to the report, manufacturer of foam furniture and furnishings, Vitafoam Nigeria Plc with a loss of -10.00 percent emerged the worst loser, while insurer, Law Union & Rock Insurance Plc with a gain of +6.38 percent led the gainers’ chart.
The report says publisher of educational and general reading material, University Press Plc was the most actively traded with 60 million units of shares worth about N101 million.
In terms of sector performance, the Nigerian Stock Exchange (NSE) Industrial index gained 1.74 percent, largely driven by Dangote Cement Plc which appreciated by +3.00 percent.
On the flip-side, the NSE Banking index shed 0.60 percent, due to the sell-offs in the shares of mid tier lender, Wema Bank Plc and pan African lender, Ecobank Transnational Incorporated, both declined -3.08 percent and -2.58 percent apiece, while Access Bank Plc and Africa’s global bank, the United Bank for Africa Plc dropped -2.50 percent and -0.62 percent respectively.
In the same vein, the NSE Consumer Goods index lost 0.14 percent, following the decline in the shares of Nascon Allied Industries Plc and Dangote Sugar Refinery Plc; both depreciated -7.04 percent and -2.00 percent each, Flour Mills of Nigeria Plc also lost by -0.24 percent.
The NSE Oil & Gas index declined by 0.05 percent, majorly on the back of the losses in the shares of ETERNA Plc by -3.0 percent.
Thursday’s earnings release showed that top tier lender, Zenith Bank Plc released its third quarter (Q3) 2018 results; which showed 17.8 percent year-on-year (y/y) and 28.2 percent y/y rise in profit before tax and profit after tax to N59.9 billion and N62.4 billion respectively.
“Despite the recent sell-off in the equities market, we believe this presents decent entry opportunities in our quality names,” the InvestmentOne report said.
