December 10, 2018
By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE)-The equities market started the week on a bearish note as the all-share index (ASI) shed 0.82 percent to 30,614.73 points, following selloffs across all sectors.
Cordros reports that as a result, the Month-to-Date and Year-to-Date losses notched higher to -0.84 percent and -19.95 percent respectively.
Market breadth index was negative with 14 gainers compared to 25 stocks that declined.
InvestmentOne on its part reports that transport and distribution services company, Trans-Nationwide Express Plc with a gain of +8.47 percent emerged the topmost gainer, while pioneer manufacturer of animal feeds in Nigeria, Livestock Feeds Plc with a loss of -9.62 percent led the losers’ chart.
According to InvestmentOne, Diamond Bank Plc with a gain of +0.98 percent was the most actively traded with about 45 million units of shares worth 45 million.
In terms of sector performance, the Nigerian Stock Exchange (NSE) Consumer Goods index declined by 2.32 percent, driven by the shares of United Africa Company of Nigeria Plc and Honeywell Flour Mills Plc which declined -7.00 percent and -4.35 percent each, while food and beverage producer, Nestle Nigeria Plc and beer maker, Nigerian Breweries Plc; both depreciated -4.13 percent and -2.50 percent each.
In the same vein, the NSE Banking index shed 0.39 percent, on the back of the sell-offs in the shares of lenders, Zenith Bank Plc and Wema Bank Plc; both dropped -2.12 percent and -1.82 percent apiece, Stanbic IBTC Bank Plc and FBN Holdings Plc plunged -1.08 and -0.66 percent respectively.
Still on the losing side is the NSE Industrial index which climbed down by 0.25 percent due to the losses in the shares of cement manufacturer, Lafarge Cement Wapco Nigeria Plc with a decline of -1.60 percent.
The NSE Oil & Gas index closed down by 1.19 percent following declines in the shares of 11 Plc former (Mobil Oil Nigeria Plc) and Oando Plc; both decreased -8.47 percent and -2.91 percent apiece.
“The equities market closed down today due to the losses recorded in the all 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 affirmed.
