November 1, 2018
By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market closed the fourth trading session of the week in the red, losing 1.42 percent to 32,006.65 basis points compared to -2.12 percent loss recorded previously, bringing Year-to-Date (YTD) returns to -16.31 percent.
InvestmentOne reports that market breadth index was negative with 11 gainers compared to 24 stocks that declined.
According to the report, Japaul Oil & Gas Maritime Plc with a loss of +10.00 percent was the topmost gainer, while food and beverage maker, Cadbury Nigeria Plc with a loss of -10.00 percent led the losers’ chart.
First City Monument Bank Plc with a gain of +4.03 percent was the most actively traded with 169 million units of shares worth about N261 million.
In terms of sector performance, the Nigerian Stock Exchange (NSE) Industrial index shed 2.10 percent, on the back of the sell-offs in the shares of cement manufacturers, the Cement Company of Northern Nigeria Plc and Dangote Cement Plc; both down -9.82 percent and -2.87 percent each.
Also, the NSE Consumer Goods index closed down by 1.13 percent, due to the losses in the shares of Cadbury Nigeria Plc and Dangote Flour Mills Plc; down by -10.00 percent and -8.33 percent apiece, while Dangote Sugar Refinery Plc and NASCON Allied Industries Plc plunged -7.97 percent and -2.70 percent respectively, Nestle Nigeria Plc dipped by -1.45 percent.
In the same vein, the NSE Oil & Gas index lost 0.79 percent, following the decline in the shares of Eterna Plc and Caverton Offshore Support Group Plc depreciated -9.92 percent and -5.24 percent each, while oil marketing major, Oando Plc dipped by -4.72 percent.
InvestmentOne reports the NSE Banking index dropped by 0.61 percent, majorly driven by the losses in the shares of Diamond Bank Plc and Fidelity Bank Plc; both down -7.09 percent and -4.90 percent apiece, while FBN Holdings Plc and Wema Bank Plc declined -3.75 percent and -1.69 percent.
“The equities market closed down today due to the losses across all sectors. Despite the sell-off in the equities market in the previous quarter, we believe this presents decent entry opportunities in our quality names,” InvestmentOne update affirmed.
