November 5, 2018
By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market on Monday closed the first trading session of the week negative, losing 0.24 percent to 32,048.18 basis points compared to +0.37 percent gain recorded previously, bringing its Year-to-Date (YTD) returns to a negative -16.20 percent.
InvestmentOne reports that market breadth index was negative with 17 gainers compared to 24 stocks that declined.
According to the update, food and beverage producer, Cadbury Nigeria Plc with a gain of +10.00 percent was the topmost gainer, while Cement Manufacturer, Cement Company of Northern Nigeria Plc with a loss of -9.38 percent led the losers’ chart.
Top tier lender, Access Bank Plc with a loss of -4.19 percent was the most actively traded with 19 million units of shares worth about N157 million.
In terms of sector performance, the InvestmentOne report says that the Nigerian Stock Exchange (NSE) Consumer Goods index shed 0.58 percent, largely driven by the sell-offs in the shares of soap and detergent maker, Unilever Nigeria Plc and top tier brewer, Nigerian Breweries Plc; both declined -5.95 percent and -2.79 percent respectively, while Dangote Sugar Refinery Plc lost by -0.77 percent.
Also, the NSE Industrial index closed down by 0.49 percent following the drop in the shares of Cement Company of Northern Nigeria Plc and Lafarge Cement Wapco Nigeria Plc; both depreciated -9.38 percent and -0.57 percent apiece.
In the same vein, the NSE Banking index declined by 0.48 percent, due to the losses in the shares of top tier lenders, the United Bank for Africa Plc and Access Bank Plc; both plunged -5.06 percent and -4.19 percent apiece, also, FBN Holdings Plc and Fidelity Bank Plc are both down -3.92 percent and -2.02 percent each.
On the positive side, the NSE Oil & Gas index closed up by 0.82 percent, majorly on the back of the gains in the shares of first dual listed Nigerian oil and gas upstream firm, Seplat Petroleum Development Company Plc surged by +2.40 percent.
“Despite the sell-offs in the equities market in the previous quarter, we believe this presents decent entry opportunities in our quality names,” the InvestmentOne update affirmed.
