December 12, 2018
By InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market reversed on its previous gains to close Wednesday’s trading session in the red, losing -0.25 percent to close at 30,642.35 basis points compared to +0.34 percent gain recorded previously; bringing Year-to-Date (YTD) returns to -19.88 percent.
InvestmentOne reports that market breadth index was positive with 24 gainers compared to 20 stocks that declined.
The report says that Chemical and Allied Products Plc with a gain of +10.00 percent emerged the topmost gainer, while Conoil Plc with a loss of -10.00 percent led the losers’ chart.
Top tier lender, Zenith Bank Plc with a loss of -0.43 percent was the most actively traded with about 55 million units of shares worth N1.32 billion.
In terms of sector performance, InvestmentOne reports that the Nigerian Stock Exchange (NSE) Consumer Goods index lost 0.92 percent, driven by the shares of sugar refiner, Dangote Sugar Refinery Plc and beer producer, Nigerian Breweries Plc both declined -5.38 percent and -3.18 percent each, while Honeywell Flour Mills Plc dropped by -0.92 percent.
In the same vein, the NSE Oil & Gas index declined by 0.24 percent, due to the losses recorded in the shares of Conoil Plc and 11 Plc; both declined -10.00 percent and -5.50 percent apiece.
Also, the NSE Banking index shed 0.09 percent, following the buy interests in the shares of lenders, Diamond Bank Plc and United Bank for Africa Plc; both depreciated -4.21 percent and -3.85 percent each, FBN Holding Plc and Ecobank Transnational Incorporated plunged -3.33 percent and -3.23 percent respectively.
On the positive side, the NSE Industrial index gained 0.58 percent on the back of the gains in Nigeria’s most capitalised listed company, Dangote Cement Plc which gained by +0.27 percent.
“The equities market closed down today following 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 report affirmed.
