December 17, 2018
By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market on Monday closed the first trading session of the week negative, as benchmark index declined -0.21 percent to 30,609.06 basis points on renewed profit-taking; compared to +0.34 percent gain recorded previously.
InvestmentOne reports Year-to-Date (YTD) returns currently stands at a negative -19.96 percent as market breadth index was negative with 17 gainers compared to 20 stocks that declined.
According to the update, lender, Diamond Bank Plc with a gain of +9.47 percent emerged the topmost gainer, following confirmation of its merger with Access Bank Plc, while oil marketer, Forte Oil Plc with a loss of -9.96 percent led the losers’ chart.
InvestmentOne report says that Diamond Bank Plc with a gain of +9.47 percent was the most actively traded with about 71 million units of shares worth N73 million.
In terms of sector performance, the report says the Nigerian Stock Exchange (NSE) Oil & Gas index closed down by 1.06 percent, due to sell offs recorded in the shares of Forte Oil Plc and Japaul Oil & Maritime Plc; both declined -9.96 percent and -4.55 percent apiece, oil marketing major, Oando Plc lost by -3.03 percent.
In the same vein, the NSE Industrial index plunged by 0.76 percent, following losses in the shares of Chemical & Allied Products Plc and cement producer, Lafarge Cement Wapco Nigeria Plc by -6.44 percent and -4.02 percent each.
Still on the losing streak is the NSE Banking index which lost 0.32 percent, driven by the declines in the shares of Wema Bank Plc and Fidelity Bank Plc which depreciated -8.47 percent and -3.05 percent apiece, Guaranty Trust Bank Plc and FBN Holdings Plc both dropped by -2.71 percent and -2.68 percent respectively.
On the positive side, the NSE Consumer Goods index gained 0.02 percent on the back of the gains in the shares of manufacturer of foam furniture and furnishings, Vitafoam Nigeria Plc and Dangote Flour Mills Plc which gained by +6.98 percent and +3.82 percent apiece, while Flour Mills of Nigeria Plc and beer producer, International Breweries Plc appreciated +2.19 percent and +1.67 percent each.
“The equities market closed down today following profit taking activities 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 said.
