December 14, 2018
By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market on Friday closed the last trading session of the week positive, gaining 0.37 percent to 30,672.79 basis points compared to -0.24 percent loss recorded previously, as week-to-date (WTD) performance dropped -0.60 percent and year-to-date (YTD) returns currently stands at -19.80 percent.
InvestmentOne report says market breadth index was positive with 21 gainers compared to 10 stocks that declined.
According to the report, Friday’s performance was driven by the gains in the shares of Berger Paints Nigeria Plc and First Aluminum Nigeria Plc; both gained +10.00 percent apiece,.
Also, first dual listed Nigerian oil and gas upstream firm, Seplat Petroleum Development Company Plc and environmental consulting services firm, The Initiates Plc appreciated +10.00 percent and +9.84 percent each, pan-African lender, United Bank for Africa Plc gained +2.03 percent.
InvestmentOne update says United Capital Plc and Diamond Bank Plc appreciated +9.38 percent and +9.20 percent respectively; which offset the losses in the shares of soap and detergent maker, PZ Cussons Nigeria Plc and Sterling Bank Plc; both declined -10.00 percent and -9.05 percent each.
Drugmaker, Fidson Healthcare Plc and Eterna Plc depreciated -6.12 percent and -4.12 percent respectively, while Union Diagnostic & Clinical Services Plc plunged-3.85 percent.
In terms of sector performance, InvestmentOne reports that there were mixed trends, while the Oil & Gas and Banking sectors gained +4.85 percent and +0.32 percent each to close in the green, the Industrial and Consumer Goods sectors declined -0.30 percent and Consumer Goods -0.04 percent apiece to close negative.
In terms of activity level, while total volume increased by 76 percent, total value decreased by 39 percent as investors exchanged 339 million units of shares worth N2.24 billion.
Lender, First City Monument Bank Plc with a gain of +5.84 percent was the most actively traded with about 105 million units of shares worth N164 million.
“Despite the recent sell-off in the equities market, we believe this presents decent entry opportunities in our quality names for investors with long term horizon,” the InvestmentOne report affirmed.
