November 22, 2018

By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-The bulls on Thursday resurfaced on the Nigerian bourse as the benchmark index gained 0.05 percent for the third trading session of the week positive to 31,984.60 basis points compared -0.78 percent decline recorded the previous session, bringing Year-to-Date (YTD) returns to a negative -16.37 percent. 

InvestmentOne reports that market breadth index was positive with 16 gainers compared to 13 stocks that declined.

The report says Flour Mills of Nigeria Plc with a gain of +9.95 percent emerged the topmost gainer, while Ikeja Hotels Plc with a loss of -9.76 percent led the losers’ chart.

According to the update, top tier lender, Zenith Bank Plc with again of +0.62 percent was the most actively traded with 605.5 million units of shares worth about N14.5 billion.

In terms of sector performance, the Nigerian Stock Exchange (NSE) Banking index closed up by 0.15 percent, driven by the buy interest in the shares of First City Monument Bank Plc and Zenith Bank Plc; both surged +2.65 percent and +0.62 percent each; while Guaranty Trust Bank Plc also appreciated by +0.42 percent.

In the same vein, the NSE Consumer Goods index advanced by 0.14 percent, on the back of the gains in the shares of Flour Mills of Nigeria Plc and soap and detergent maker PZ Cussons Nigeria Plc; both are up +9.95 percent and +7.78 percent each, while Dangote Flour Mills Plc climbed up by +1.67 percent.

On the flip-side is the NSE Oil & Gas Index down by 0.45 percent, largely due to loss in the shares of oil marketing major, Oando Plc which declined -3.92 percent.The