December 28, 2018
By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market closed the last trading session of the week in the red, losing 2.07 percent to 31,037.72 basis points compared to -0.86 percent loss reported previously, as Week-to-Date (WTD) market performance up by 0.86 percent and Year-to-Date (YTD) returns currently stands at -18.84 percent.
InvestmentOne report says market breadth index was negative with 21 gainers compared to 32 stocks that declined.
Sovereign Trust Insurance Plc with a a gain of +10.00 percent emerged the topmost gainer, while Ikeja Hotels Plc with a loss of -10.00 percent led the losers’ chart.
The report says insurer, Nem Insurance Plc with a loss of -4.48 percent was the most actively traded with about 910 million units of shares worth N3.01 billion.
In terms of sector performance, the Nigerian Stock Exchange (NSE) Oil & Gas index closed down by 4.63 percent, due to the sell-offs in the shares of first dual listed Nigerian oil and gas upstream firm, Seplat Petroleum Development Company Plc and Forte Oil Plc; both declined -7.84 percent and -7.28 percent each, while Eterna Plc dropped by -6.00 percent.
In the same vein, the NSE Consumer Goods index declined by 3.58 percent, following the losses in the shares of Nestle Nigeria Plc and Honeywell Flour Mills Plc; both depreciated -8.48 percent and -3.76 percent apiece, and Dangote Flour Mills Plc dropped by -0.72 percent.
The NSE Industrial index shed 1.47 percent, majorly driven by the decline in the shares of Nigeria’s most capitalised listed company, Dangote Cement Plc which lost by -2.50 percent.
The NSE Banking index lost 0.62 percent, on the back of the drop in the prices of Unity Bank Plc and FBN Holdings Plc which plunged -9.26 percent and -7.93 percent respectively, Access Bank Plc and Fidelity Bank Plc lost by -2.86 percent and -1.96 percent each, United Bank for Africa Plc dropped by -1.88 percent.
“The equities market closed down today following the losses 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 said.
