January 3, 2019
By InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market closed the second trading session of the year in the red, dragged down by Banking counters to lose -0.96 percent to 30,771.32 basis points, compared to -1.15 percent decline recorded previously, as Year-to-Date (YTD) returns currently stands at a negative -2.10 percent.
InvestmentOne report says market breadth index was negative with 13 gainers compared to 24 stocks that declined.
The update says oil marketer, Forte Oil Plc with a gain of +9.64 percent emerged the topmost gainer, while drugmaker, GlaxoSmithKline Consumer Nigeria Plc with a loss of -10.00 percent led the losers’ chart.
Embattled lender, Diamond Bank Plc with a loss of -6.98 percent was the most actively traded with about 51 million units of shares worth N107 million.
In terms of sector performance, InvestmentOne reports that the Nigerian Stock Exchange (NSE) Industrial index declined by 2.83 percent, following the sell-offs in the shares of cement producers, Cement Company of Northern Nigeria Plc and Lafarge Cement Wapco Nigeria Plc; both depreciated -4.90 percent and -4.17 percent apiece.
Following suit is the NSE Banking index which lost 2.15 percent, majorly driven by the decline in the shares of First City Monument Bank Plc and Diamond Bank Plc; both plunged -8.33 percent and -6.98 percent each, while Access Bank Plc and Guaranty Trust Bank Plc dipped -5.38 percent and -4.49 percent apiece, FBN Holdings Plc and Zenith Bank Plc dropped -2.50 percent and and -1.52 percent respectively.
In the same vein, the NSE Consumer Goods index closed down by 0.02 percent, due to the losses in the shares of GlaxoSmithKline Consumer Nigeria Plc and Dangote Sugar Refinery Plc both lost by -10.00 percent and -1.69 percent apiece, Flour Mills of Nigeria Plc dipped by -1.58 percent.
On the positive side is the NSE Oil & Gas index which advanced by 0.64 percent, on the back of the gains in the shares of Forte Oil Plc which gained +9.64 percent.
“The equities market closed down today following the losses in most sectors. Despite the sell-off in the equities market in 2018, we believe this presents decent entry opportunities in our quality names,” the InvestmentOne report affirmed.
