October 23, 2018
By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market on Tuesday closed the second trading session of the week positive, gaining 0.69 percent to close at 33,191.45 basis points; compared to +0.37 percent appreciation recorded previously and driven by gains across sectors, bringing Year-to-Date (YTD) returns to -13.21 percent.
InvestmentOne reports that market breadth index was negative with 14 gainers compared to 19 stocks that declined.
Nigeria’s leading diversified listed conglomerate, Transnational Corporation of Nigeria Plc (Transcorp) with a gain of +9.60 percent emerged the topmost gainer; while First Aluminum Plc with a loss of -9.09 percent led the losers’ chart.
According to the report, lender, First City Monument Bank Plc with a gain of +2.58 percent was the most actively traded with 28 million units of shares worth about N43 million.
In terms of sector performance, the Nigerian Stock Exchange (NSE) Industrial index: closed up by 0.94 percent, largely due to the advancement in the shares of Nigeria’s most capitalised listed company and cement manufacturer, Dangote Cement Plc which appreciated by +2.14 percent.
The NSE Consumer Goods index gained 0.26 percent, following the buy interest in the shares of Honeywell Flour Mills Plc and Dangote Flour Mills Plc; both advanced by +4.35 percent and +2.67 percent apiece, also food and beverage maker, Nestle Nigeria Plc gained by +2.19 percent.
In the same vein, NSE Oil & Gas index advanced by 0.39 percent, on the back of the gains in the shares of oil marketing major, Oando Plc which inched up +0.93 percent.
On the contrary, the NSE Banking index shed 0.60 percent, majorly driven by the sell-offs in the shares of pan African lender, Ecobank Transnational Incorporated and Africa’s global bank, United Bank for Africa Plc; both plunged -5.04 percent and -1.23 percent each, Access Bank Plc and Guaranty Trust Bank Plc depreciated -0.62 percent and -0.27 percent apiece, and coming on the heels of average third quarter 2018 reports.
“Despite the sell-off in the equities market in the previous quarter, we believe this presents decent entry opportunities in our quality names,” InvestmentOne said in its market insight.
