December 19, 2018
By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market closed the third trading session of the week negative, losing 0.35 percent to 30,814.19 basis points compared to 0.67 percent gain recorded previously; bringing Year-to-Date (YTD) returns to a negative -19.71 percent.
InvestmentOne reports that market breadth index was positive with 23 gainers compared to 18 stocks that declined.
According to the report, Forte Oil Plc with a gain of +9.85 percent emerged the topmost gainer, while primary mortgage firm, Abbey Mortgage Bank Plc with a loss of -7.55 percent led the losers’ chart.
Top tier lender, Zenith Bank Plc with a loss of -1.31 percent was the most actively traded with about 52 million units of shares worth N1.18 billion.
In terms of sector performance, InvestmentOne reports the Nigerian Stock Exchange (NSE) Oil & Gas index shed 2.99 percent, following the declines in the shares of first dual listed Nigerian oil and gas upstream firm, Seplat Petroleum Development Company Plc and Japaul Oil & Maritime Plc; both depreciated -6.53 percent and -4.76 percent each, while Total Nigeria Plc and 11 Plc (former Mobil Nigeria Plc) dropped -1.52 percent and -1.18 percent apiece.
The NSE Industrial index closed down by 1.14 percent, due to the sell-offs in the shares of Nigeria’s most capitalised listed company, Dangote Cement Plc and Lafarge Cement Wapco Nigeria Plc; both lost -1.59 percent and -0.84 percent respectively.
In the same vein, the NSE Banking index declined by 0.21 percent driven by the losses in the shares of Jaiz Bank Plc and Zenith bank Plc which plunged -6.53 percent and-1.31 percent, Guaranty Trust Bank Plc and Fidelity Bank Plc dropped -1.14 percent and -1.04 percent respectively, First City Monument Bank declined -0.57 percent.
On the positive side, the NSE Consumer Goods index gained 1.18 percent, on the back of the advancements in the shares of Honeywell Flour Mills Plc and Nigerian Breweries Plc which depreciated +4.35 percent and +2.35 percent respectively, soap and detergent producer and food and beverage firm, PZ Cussons Nigeria Plc and Nestle Nigeria Plc gained +1.94 percent and +1.38 percent apiece.
“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 InvestmentOne report affirmed.
