November 23, 2018
By InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market on Friday closed the last trading session of the week negative, losing 0.96 percent to 31,678.70 basis points, bringing week-to-date (WTD) performance down to -1.18 percent and Year-to-Date (YTD) returns to a negative -17.17 percent.
InvestmentOne reports that market breadth index was somewhat flat with 14 gainers compared 15 stocks that declined.
The report says Honeywell Flour Mills Plc with a gain of +9.90 percent emerged the topmost gainer, while Ikeja Hotels Plc with a loss of -9.73 percent led the losers’ chart.
Lender, Diamond Bank Plc with a gain of +7.95 percent was the most actively traded with 113 million units of shares worth about 102 million.
In terms of sector performance, InvestmentOne reports that the Nigerian Stock Exchange (NSE) Industrial index shed 2.78 percent, following the sell-offs in the shares of cement producers, Lafarge Cement Wapco Nigeria Plc and Dangote Cement Plc; both depreciated -6.67 percent and -2.50 percent apiece, while Cement Company of Northern Nigeria Plc dropped by -0.62 percent.
In the same vein, the NSE Consumer Goods index declined by 0.60 percent, majorly driven by the losses in the shares of Flour Mills Plc and Nigerian Breweries Plc; both dipped -3.18 percent and -2.28 percent respectively.
Also, the NSE Oil & Gas index closed down by 0.25 percent, on the back of the decline in the shares of oil marketing major, Oando Plc which dropped by -2.04 percent.
On the positive side is the NSE Banking index which advanced by 0.28 percent, due to the gains in the shares of Diamond Bank Plc and Wema Bank Plc; both gained +7.95 percent and +3.77 percent each, while Guaranty Trust Bank Plc appreciated +1.11 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 affirmed.
