November 6, 2018
By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market on Tuesday closed the second trading session of the week bullish, gaining 0.33 percent to 32,154.03 basis points compared to -0.24 percent decline recorded previously, brnging Year-to-Date (YTD) returns to a negative -15.92 percent and driven by gains in the Consumer Goods and Industrial Goods counters.
InvestmentOne report that market breadth index was negative with 14 gainers compared to 23 stocks that declined.
According to the report, cement manufacturer, the Cement Company of Northern Nigeria Plc with a gain of +9.81 percent emerged the topmost gainer, while drugmaker, Fidson Healthcare Plc with a loss of -10.00 percent led the losers chart
Lender, Fidelity Bank Plc with a loss of -1.55 percent was the most actively traded with 22 million units of shares worth about N42 million.
In terms of sector performance, InvestmentOne reports that the Nigerian Stock Exchange (NSE) Consumer Goods index gained 1.82 percent, following the buy interest in the shares of Dangote Sugar Refinery Plc and Nestle Nigeria Plc; both appreciated +4.26 percent and +3.62 percent each, also Dangote Flour Mills Plc and brewer, Guinness Nigeria Plc gained +3.45 percent and +1.37 percent apiece.
In the same vein, the NSE Industrial index closed up by 0.36 percent, majorly due to the gain in the shares of Cement Company of Northern Nigeria Plc which surged by +9.81 percent.
On the flip-side, InvestmentOne reports that the NSE Banking index declined by 0.53 percent, on the back of the losses in the shares of mid-tier lender, Unity Bank Plc and Union Bank of Nigeria Plc; both plunged -8.45 percent and -2.97 percent respectively, while Guaranty Trust Bank Plc and Wema Bank Plc dropped by -1.84 percent and -1.75 percent each.
Also, the NSE Oil & Gas index closed down by 0.13 percent, largely driven by the decline in the shares of oil marketing major, Oando Plc which dipped by -0.99 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.
