December 3, 2018
By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market closed the first trading session of the week negative, losing 0.24 percent to 30,798.76 basis points compared to +0.86 percent gain posted previously, bringing Year-to-Date (YTD) returns currently to a negative -19.47 percent.
InvestmentOne update reports that market breadth index was positive with 19 gainers compared to 14 stocks that declined.
According to the report, Jaiz Bank Plc with a gain of +10.00 percent was the topmost gainer, while re-insurer, Continental Reinsurance Plc with a loss of -10.00 percent led the losers’ chart.
First City Monument Bank with a gain of +7.59 percent was the most actively traded with 103 million units of shares worth about N161 million.
In terms of sector performance, InvestmentOne reports, the Nigerian Stock Exchange (NSE) Consumer Goods index declined by 0.72 percent, due to the sell-off in the shares of soap and detergent maker, PZ Cussons Nigeria Plc and brewer, Nigerian Breweries Plc; both dipped -9.65 percent and -2.66 percent apiece, while food and beverage producer, Cadbury Nigeria Plc and Honeywell Flour Mills Plc declined -2.63 percent and -1.82 percent respectively.
In the same vein, the NSE Industrial index closed down by 0.03 percent, driven by the losses in the shares of Nigeria’s most capitalised listed company and cement manufacturer, Dangote Cement Plc which depreciated by -1.02 percent.
On the positive side, the NSE Oil & Gas index advanced by 2.07 percent, on the back of the buy interest in the shares of first dual listed Nigerian oil and gas upstream firm, Seplat Petroleum Development Company Plc which gained by +4.16 percent.
Still on the gainers side, is the NSE Banking index which inched up by 0.61 percent, majorly driven by the gains in the shares of Jaiz Bank Plc and Diamond Bank Plc which climbed up by +10.00 percent and +9.23 percent apiece, while FBN Holdings Plc and Zenith Bank Plc appreciated +4.23 percent and +1.72 percent respectively, Guaranty Trust Bank Plc grew by +0.87 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 report affirmed.
