November 29, 2018
By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-Bears on Thursday sustained its hold on the Nigerian equities market to close the fourth trading session of the week negative, losing -1.33 percent to 31,023.47 basis points, compared to a loss of -0.48 percent recorded previously, bringing current Year-to-Date (YTD) returns to a downsize of -19.96 percent.
InvestmentOne reports that market breadth index was negative with 12 gainers compared to 23 stocks that declined.
According to the update, insurer, Veritas Kapital Assurance Plc with a gain of +10.00 percent emerged the topmost gainer, while ABC Transport Plc with a loss of -9.68 percent led the losers’ chart.
The report says Universal Insurance Plc was the most actively traded with 150 million units of shares worth about N30 million.
In terms of sector performance, the Nigerian Stock Exchange (NSE) Industrial index lost 2.14 percent, majorly due to the sell-offs in the shares of cement manufacturers, Dangote Cement Plc and Lafarge Cement Wapco Nigeria Plc; both depreciated -2.63 percent and -2.25 percent apiece.
The NSE Banking index declined by 1.79 percent, due to the losses in the shares of Diamond Bank Plc and Jaiz Bank Plc; both dropped -9.59 percent and -9.09 percent each, while First City Monument Bank Plc and FBN Holdings Plc plunged -8.33 percent and -4.23 percent respectively, also, United Bank for Africa Plc and Wema Bank Plc declined -4.08 percent and -3.85 percent each, Guaranty Trust Bank Plc went down by -3.65 percent.
In the same vein, InvestmentOne reports the NSE Oil & Gas index dipped by 0.05 percent, largely driven by the loss in the shares of oil marketing major, Oando Plc which lost by -1.08 percent.
On the positive side, the NSE Consumer Goods index closed up by 0.05 percent, on the back of the gain in the shares of top brewer, Nigerian Breweries Plc which appreciated by +0.51 percent.
“The equities market closed down today due to the losses across most 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 update added.
