November 13, 2018
By InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market on Tuesday closed somewhat flat as it gained marginally by +0.03 percent to 32,152.90 basis points compared to -0.18 percent decline recorded previously, bringing its Year-to-Date (YTD) returns down to -15.93 percent amidst gains in value stocks.
InvestmentOne report says that market breadth index was negative with 16 gainers compared 26 stocks that declined.
Total volume of trades spiked 181.30 percent to 399.76 million units, valued at N2.24 billion (+44.10 percent), and exchanged in 2,880 deals, according to Cordros update.
Mid tier lender, Unity Bank Plc with a gain of +9.86 percent emerged the topmost gainer, while C & I Leasing Plc with a loss of -10.00 percent led the losers’ chart.
Ikeja Hotels Plc with a loss of -9.69 percent was the most actively traded with 279 million units of shares worth about N572 million.
In terms of sector performance, returns in the Banking index closed up by 0.25 percent, largely driven by the gains in the shares Unity Bank Plc and Stanbic IBTC; both appreciated +9.86 percent and +2.13 percent respectively, while Fidelity Bank Plc and United Bank for Africa Plc gained +2.04 percent and +1.27 percent each, similarly, Zenith Bank Plc and Access Bank Plc appreciated +1.04 percent and +0.64 percent respectively.
In the same vein, the NSE Industrial index advanced by 1.87 percent due to the buy interest in the shares of cement producer, Lafarge Cement Wapco Nigeria Plc which surged by +8.67 percent.
On the flip-side, the NSE Oil & Gas index lost 0.26 percent, largely due to sell-offs in the shares of oil marketing major, Forte Oil Plc which declined by -6.15 percent.
InvestmentOne reports that the NSE Consumer Goods index shed 0.33 percent, on the back of the losses in the shares of Honeywell Flour Mills Plc and Dangote Sugar Refinery Plc; both plunged -7.41 percent and -2.71 percent apiece, while food and beverage maker, Nestle Nigeria Plc and beer producer, Nigerian Breweries Plc depreciated -0.68 percent and -0.12 percent each.
“The equities market closed up marginally today due to the gains in Industrial and Banking sectors. 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 report affirmed.
