October 29, 2018
By InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market closed the first trading session of the week positive, gaining 0.88 percent to 33,196.07 basis points compared to +1.11 percent gain recorded previously on gains in Banking and Industrial counters, bringing its Year-to-Date (YTD) returns to -13.20 percent.
InvestmentOne reports that market breadth index was flat with 17 gainers compared to 17 stocks that declined.
According to the report, insurer Consolidated Hallmark Plc with a gain of +10.00 percent emerged the topmost gainer, while mid-tier lender, Unity Bank Plc with a loss of -10.00 percent led the losers’ chart.
Top tier lender, Zenith Bank Plc with a gain of +1.88 percent was the most actively traded with 28 million units of shares worth about N690 million.
In terms of sector performance, investmentOne reports that the Nigerian Stock Exchange (NSE) Banking index closed up by 1.98 percent, largely due to advancements in the shares of Stanbic IBTC and Guaranty Trust Bank Plc; both surged +6.67 percent and +4.05 percent each, while Sterling Bank Plc and Zenith rose by +3.33 percent and +1.88 percent apiece.
In the same vein, the NSE Industrial index gained 0.43 percent, following the buy interest in the shares of cement producer and capitalised listed company, Dangote Cement Plc which appreciated by +0.71 percent.
Also, the NSE Oil & Gas index lost 0.25 percent, on the back of the selloffs recorded in the shares of Japaul Oil & Maritime Plc and oil marketing major, Oando Plc, both depreciated by -4.76 percent and -2.80 percent respectively, while Eterna Plc lost by -2.42 percent.
On the flip-side is the NSE Consumer Goods index shed 0.17 percent, majorly driven by declines in the shares of United African Company of Nigeria Plc and Flour Mills Plc; both declined -2.55 percent and -1.55 percent apiece.
“Despite the sell-off in the equities market in the previous quarter, we believe this presents decent entry opportunities in our quality names,” the InvestmentOne report affirmed.
