November 2, 2018
By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market on Friday closed the last trading session of the week positive, gaining 0.37 percent to close at 32,124.94 basis points recorded previously as Week-to-Date (WTD) and Year-to-Date (YTD) performance dropped -2.38 percent and -16.00 percent respectively.
InvestmentOne report says that market breadth index in the review period was negative with 14 gainers compared 21 stocks that declined.
According to the report, top tier lender, Access Bank Plc with a gain of +5.70 percent emerged the topmost gainer, while cement manufacturer, Cement Company of Northern Nigeria Plc with a loss of -10.00 percent led the losers’ chart.
Lender, First City Monument Bank Plc with a loss of -1.29 percent was the most actively traded with 109 million units of shares worth about N166 million, the InvestmentOne report said.
In terms of sector performance, the Nigerian Stock Exchange (NSE) Banking index gained 0.88 percent, following the improvement in the shares of Access Bank Plc and Fidelity Bank Plc; both appreciating +5.70 percent and +2.06 percent apiece, while other top tier lenders, Zenith Bank Plc and Guaranty Trust Bank Plc also gained +1.51 percent and +0.27 percent respectively.
Further to this, the NSE Oil & Gas index advanced by 0.28 percent, majorly driven by the rise in the shares of oil marketing major, Oando Plc and first dual listed Nigerian oil and gas upstream firm, Seplat Petroleum Development Company Plc; both surged +2.97 percent and +1.54 percent respectively, while Total Nigerian Plc gained +1.01 percent apiece.
On the flip-side, the NSE Industrial index lost 0.41 percent, due to the declines in the shares of Cement producers, Cement Company of Northern Nigeria Plc and Lafarge Cement Wapco Nigeria Plc which dropped -10.00 percent and -1.96 percent apiece.
The NSE Consumer Goods index shed 0.11 percent, on the back of the losses recorded in the shares of soap and detergent maker, PZ Cussons Nigeria Plc which lost by -9.50 percent, while Honeywell Flour Mills Plc and brewer, Nigerian Breweries Plc; both plunged -4.42 percent and -0.36 percent each.
“The equities market closed up today due to the gains in Banking and Oil & Gas names. 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.
