October 19, 2018
By InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market on Friday closed the last trading session of the week positive, gaining 0.54 percent to close at 32,841.69 basis points; as the domestic bourse advanced 1.19 percent week-to-date (WTD), while Year-to-Date (YTD) returns currently stands at -14.12 percent.
Investmentone reports that market breadth index was somewhat flat with 18 gainers compared 19 stocks that declined.
Oil marketing firm, Forte Oil Plc with a loss of -9.23 percent emerged the worst loser, while manufacturer of foam furniture and furnishings, Vitafoam Nigeria Plc with a gain of 9.84 percent led the gainers’ chart.
According to the update, insurer, Hallmark Insurance Plc with a loss of -3.45 percent was the most actively traded with 91 million units of shares worth about N25 million.
In terms of sector performance, the report says the Nigerian Stock Exchange (NSE) Industrial index gained 1.04 percent, largely driven by buy interest in the shares of cement producer and most capitalised listed company on the Nigerian bourse, Dangote Cement Plc and cable maker, Cutix Plc; both gained +1.94 percent and +1.36 percent apiece.
In the same vein, the NSE Banking index advanced by 0.98 percent, due to gains in the shares of top tier lenders, Access Bank Plc and Zenith Bank Plc which surged +6.41 percent and +1.55 percent each, while Africa’s global lender, the United Bank for Africa Plc and Fidelity Bank Plc appreciated +1.24 percent and +1.07 percent each.
On the flip-side, the NSE Consumer Goods index lost 0.78 percent, following the declines in the shares of food and beverage producer, Nestle Nigeria Plc and Honeywell Flour Mills Plc; both declined -2.14 percent and -1.59 percent apiece, Dangote Sugar Refinery Plc and brewing giant, Nigerian Breweries Plc depreciated -0.68 percent and -0.11 percent respectively.
Still on the downward side is the NSE Oil & Gas index which shed by 0.24 percent, majorly on the back of the sell-offs in Forte Oil Plc which dropped by -9.23 percent.
In terms of earnings release, The Okomu Oil Palm Plc released its third quarter (Q3) 2018 results which showed a 30.88 percent year-on-year (y/y) rise in profit before tax to N1.78 billion and a profit after tax of N1.30 billion in Q3 2018 from 580 million in Q3 2017.
“Despite the sell-off in the equities market in previous quarter, we believe this presents decent entry opportunities in our quality names,” the InvestmentOne update affirmed.
