January 4, 2019

By InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian equities market on Friday closed the last trading session of the week in the red, losing 0.43 percent to 30,638.90 basis points compared to -0.96 percent loss recorded previously, as Week-to-Date (WTD) returns shed -1.28 percent and Year-to-Date (YTD) performance currently stands at -2.52 percent. 

InvestmentOne reports that market breadth index was negative with 11 gainers compared to 29 stocks that declined.

The report says Nigeria’s largest and first indigenous book publisher, University Press Plc with a gain of +8.63 percent emerged the topmost gainer, while embattled lender, Diamond Bank Plc with a loss of -10.00 percent led the losers’ chart.

Insurer, AIICO Insurance Plc was the most actively traded with about 83 million units of shares worth N53 million.

In terms of sector performance, InvestmentOne reports that the Nigerian Stock Exchange (NSE) Banking index shed 0.93 percent, largely driven by the shares of Diamond Bank Plc and Access Bank Plc; both depreciated -10.00 percent and -5.69 percent each, FBN Holdings Plc and Zenith Bank Plc dipped -4.49 percent and -4.41 percent apiece, mid-tier lender, Wema Bank Plc lost by -3.28 percent.

In the same vein, the NSE Oil & Gas index declined by 0.76 percent, on the back of the losses in the shares of Eterna Plc and Oando Plc; both declined -8.51 percent and -4.17 percent respectively, while Forte Oil Plc dropped by -3.58 percent.

The NSE Industrial index closed down by 0.50 percent, majorly due to the sell-off in the shares of cement producer, Lafarge Cement Wapco Nigeria Plc which lost by -1.74 percent.

Still on the losing side is the NSE Consumer Goods index which lost 0.08 percent, following the declines in the shares of Dangote Flour Mills Plc and beer producer, Champion Breweries Plc; both declined -9.77 percent and -6.52 percent respectively, while food and beverage maker, Cadbury Nigeria Plc and soap and detergent producer, Unilever Nigeria Plc; depreciated -3.98 percent and -1.89 percent apiece.

“The equities market closed down today following the losses across all sectors. Despite the sell-off in the equities market in 2018, we believe this presents decent entry opportunities in our quality names,” the InvestmentOne update added.