October 30, 2018
By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market on Tuesday closed the second trading session of the week on a bearish note losing 0.08 percent to close at 33,167.88 basis points compared to +0.88 percent gain recorded previously, bringing its Year-to-Date (YTD) returns to a negative -13.27 percent.
According to InvestmentOne report, market breadth index was negative with 17 gainers compared 24 stocks that declined.
The update says Nigerian palm-oil producer, Presco Plc with a gain of +9.43 emerged the topmost gainer on the Nigerian bourse, while Manufacturer and Marketer of high quality Paints, DN Meyer Plc with a loss of -9.68 percent led the losers’ chart.
Top tier lender, Guaranty Trust Bank Plc with a loss of -1.30 percent was the most actively traded with 58 million units of shares worth about N2.19 billion.
In terms of sector performance, InvestmentOne reports that the NSE Oil & Gas index shed 2.59 percent, on the back of the sell-offs in the shares of first dual listed Nigerian oil and gas upstream firm, Seplat Petroleum Development Company Plc and oil marketing major, Oando Plc; both declined -4.56 percent and -2.88 percent respectively.
The NSE Banking index closed down by 1.66 percent, due to the losses in the shares of FBN Holdings and Jaiz Bank Plc; depreciated -8.33 percent and -6.12 percent apiece.
In the same vein, mid-tier lender, Wema Bank Plc and Zenith Bank Plc depreciated -5.00 percent and -3.07 percent apiece; while Guaranty Trust Bank Plc recorded a loss of -1.30 percent.
In the same vein, the NSE Consumer Goods index lost 0.31 percent, following the decline in the shares of Dangote Flour Mills Plc and Honeywell Flour Mills Plc; both down -9.52 percent and -3.33 percent each, while sugar refiner, Dangote Sugar Refinery Plc and brewer, International Breweries Plc; both plunged -2.05 percent and -1.61 percent apiece.
On the contrary, the NSE Industrial index inched up by 0.02 percent, majorly driven by the gains in the shares of cement manufacturer and most capitalised listed company Dangote Cement Plc gained by +1.65 percent.
“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 update said.
