December 24, 2018
By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market on Monday inched up +3.88 percent to close at 31,967.01 basis points; compared to a loss of -0.09 percent reported the last session, as Year-to-Date (YTD) returns stands at a negative-16.41 percent.
InvestmentOne report says that market breadth index was positive with 36 gainers compared to 5 stocks that declined, following a Santa Claus rally.
The update reports that sugar refiner, Dangote Sugar Refinery Plc with a gain of +10.00 percent emerged the topmost gainer, while insurer, Guinea Insurance Plc with a loss of -8.00 led the losers’ chart.
According to the update, Nem Insurance Plc with a gain of +6.12 percent was the most actively traded with about 509 million units of shares worth N1.50 billion.
In terms of sector performance, the Nigerian Stock Exchange (NSE) Oil & Gas index closed up by 5.69 percent, on the back of the gains in the shares of first dual listed Nigerian oil and gas upstream firm, Seplat Petroleum Development Company Plc and Forte Oil Plc; both gained +9.99 percent and +9.84 percent each, while Oando Plc gained +1.05 percent.
The NSE Consumer Goods index advanced by 5.49 percent, following the buy interests in the shares of Dangote Sugar Refinery Plc and Nestle Nigeria Plc which appreciated +10.00 percent and +10.00 percent apiece, Honeywell Flour Mills Plc and salt refiner, NASCON Allied Industries Plc climbed up +5.60 percent and +4.41 percent each.
In the same vein, the NSE Industrial index gained 2.64 percent, largely driven by the shares of cement producers, Cement Company of Northern Nigeria Plc and Dangote Cement Plc; both surged +9.83 percent and +3.74 percent respectively.
Also, the NSE Banking index grew by 1.38 percent, due to the improvements in the shares of Stanbic IBTC and Diamond Bank Plc both gained +10.00 percent each, Unity Bank Plc and FBN Holdings Plc grew +9.38 percent and +8.86 percent apiece, while, First City Monument Bank appreciated by +5.45 percent.
“The equities market closed up today following the gains across all 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 affirmed.
