December 27, 2018
By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market halted its second trading session of the week in the red, losing 0.86 percent to 31,692.63 basis points on looses recorded in Dangote Cement Plc compared to a gain of +3.88 percent posted the previous session, driving Year-to-Date (YTD) returns to a negative -17.13 percent.
InvestmentOne reports that market breadth index was positive with 30 gainers comared to 16 stocks that declined.
The update says that oil marketer, Conoil Plc with a gain of +10.00 percent emerged the topmost gainer, while United Africa Company of Nigeria Plc with a loss of -10.00 percent led the losers’ chart.
According to InvestmentOne report, airliner, Med-View Airline was the most actively traded with about 147 million units of shares worth N294 million.
In terms of sector performance, the Nigerian Stock Exchange (NSE) Oil & Gas index advanced by 1.27 percent, following the gains in the shares of Conoil Plc and Forte Oil Plc; both appreciated +10.00 percent and +9.92 apiece, while Eterna Plc gained by +8.70 percent.
In the same vein, the NSE Banking index closed up by 0.23 percent, largely driven by the shares of lenders, Diamond Bank Plc and First City Monument Bank Plc; both gained +9.70 percent and +8.62 percent each, Fidelity Bank Plc and Jaiz Bank Plc appreciated +4.62 percent and +4.00 percent respectively.
Still on the positive side, the NSE Consumer Goods index inched up by 0.04 percent, on the back of the gains in the shares of Honeywell Flour Mills Plc and and beer producer, Nigerian Breweries Plc; both gained +0.76 percent and NB +0.49 percent apiece.
On the negative side is the NSE Industrial index which declined by 2.11 percent, majorly due to the loss in the shares of Dangote Cement Plc with a loss of -3.25 percent.
“The equities market closed down today following the loss in DANGCEM. 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 added.
