October 26, 2018
By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market on Friday closed the last trading session of the week positive, gaining 1.11 percent to 32,907.33 basis points on gains in bellwether stocks, bringing Week-to-Date (WTD) up +0.20 percent and Year-to-Date (YTD) returns to a negative -13.95 percent.
InvestmentOne reports that market breadth index was negative with 13 gainers compared 23 stocks that declined at the end of this week’s trading session.
According to the report Market leader in aluminum sheets in Nigeria, First Aluminum Nigeria Plc with a gain of +10.00 percent emerged the topmost gainer, while UPDC Real Estate Investment Trust with a loss of -10.00 percent led the losers’ chart.
InvestmentOne reports lender, Sterling Bank Plc was the most actively traded with 106 million units of shares worth about N147 million.
In terms of sector performance, the Nigerian Stock Exchange (NSE) Industrial index closed up by 2.64 percent, largely due to the advancement in the shares of most capitalised listed company on the Nigerian bourse, Dangote Cement Plc which advanced by +5.24 percent.
In the same vein, the NSE Banking index gained 1.06 percent, following the buy interest in the shares of lenders, Fidelity Bank Plc and Guaranty Trust Bank Plc; both surged +4.50 percent and +1.37 percent apiece, while Union Bank of Nigeria Plc gained by +1.00 percent.
The NSE Oil & Gas index advanced by 0.62 percent, on the back of the gains in the shares of Japaul Oil & Maritime Services Plc and oil marketing major, Oando Plc, both climbed up +5.00 percent and +4.90 percent.
On the flip-side, the NSE Consumer Goods index shed 1.99 percent, majorly driven by the sell-offs in the shares of Dangote Flour Mills Plc and top brewer, Nigerian Breweries Plc; both declined -7.55 percent and -4.86 percent each.
Guinness Nigeria Plc and Honeywell Flour Mills Plc also depreciated -4.47 percent and -3.33 percent respectively, International Breweries Plc and soap and detergent producer, Unilever Nigeria Plc both dropped by -3.13 percent and -1.15 percent respectively.
“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.
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