December 20, 2018
By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market on Thursday closed the trading session positive, gaining 0.32 percent to 30,802.90 basis points, compared to a gain of -0.35 percent posted the previous session, bringing Year-to-Date (YTD) returns to a negative -19.46 percent.
InvestmentOne reports that market breadth index was negative with 17 gainers compared to 22 stocks that declined.
The update says insurer, Nem Insurance Plc with a gain of +10.00 percent emerged the topmost gainer, while leading indigenous and homegrown company in the medical diagnostics and healthcare sector, Union Diagnostic & Clinical Services Plc with a loss of -7.69 percent led the losers’ chart, the company also was the most actively traded with about 274 million units of shares worth N65.81 million.
In terms of sector performance, Nigerian Stock Exchange (NSE) Oil & Gas index gained 3.09 percent, due to the advancements in the shares of dual listed Nigerian oil and gas upstream firm, Seplat Petroleum Development Company Plc and Conoil Plc, both appreciated +6.81 percent and +3.70 percent apiece.
According to InvestmentOne, the NSE Industrial index closed up by 1.14 percent, majorly driven by the gains in the shares of cement producer and Nigeria’s most capitalised listed company, Dangote Cement Plc which gained +2.15 percent.
On the flip-side, the NSE Banking index declined by 1.61 percent, following the losses in the shares of Union Bank of Nigeria Plc and Access Bank Plc by -6.67 percent and -6.33 percent each, while Wema Bank Plc and pan African lender, United Bank for Africa Plc; both declined -4.92 percent and -3.23 percent respectively, while First City Monument Bank depreciated by -0.57 percent.
In the same vein, the NSE Consumer Goods index shed 0.25 percent, on the back of the sell-offs in the shares of Flour Mills of Nigeria Plc and Honeywell Flour Mills Plc which plunged -3.89 percent and -2.50 percent each, food and beverage producer, Nestle Nigeria Plc and top tier brewer, Nigerian Breweries Plc dropped -0.68 percent and -0.64 percent apiece.
“The equities market closed up today following the gains in Oil & Gas and Industrial names. 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.
