November 15, 2018
By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market on Thursday closed the fourth trading session of the week negative, losing 0.76 percent to 31,864.80 basis points; compared to -0.14 percent loss recorded the previous session, bringing its Year-to-Date (YTD) returns to a negative -16.68 percent.
InvestmentOne report says market breadth index was negative with 10 gainers compared to 21 stocks that declined.
According to the update, Jaiz Bank Plc with a gain of +7.50 percent emerged the topmost gainer; while UAC Property Development Company Plc with a loss of -10.00 percent led the losers’ chart.
Diamond Bank Plc, the InvestmentOne reports was the most actively traded with 209 million units of shares worth about N185 million.
In terms of sector performance, the Nigerian Stock Exchange (NSE) Banking index shed 3.34 percent, following the sell-offs in the shares of Guaranty Trust Bank Plc and First City Monument Bank Plc; both declined -6.59 percent and -3.13 percent each, while Zenith Bank Plc and United Bank for Africa Plc depreciated -3.12 percent and -2.52 percent apiece.
The NSE Industrial index declined by 0.38 percent, majorly driven by the loss in the shares of cement manufacturer, Lafarge Cement Wapco Nigeria Plc which dipped by -1.84 percent.
In the same vein, the NSE Oil & Gas index closed down by 0.07 percent, on the back of the decline in the shares of 11 Plc, sole authorised distributor of Mobil fuel and lubricant brands in Nigeria declined by -0.66 percent.
On the positive side, the NSE Consumer Goods index advanced by 0.50 percent, due to the gains in the shares of food and beverage maker, Nestle Nigeria Plc and beer producer, Nigerian Breweries Plc; both gained +3.45 percent and +0.61 percent respectively.
“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 added.
