January 7, 2018
By InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market on Monday closed the first trading session of the week in the red; sustaining its bearish run to 0.78 percent to 30,400.28 points, following sell-offs in heavyweight stocks as the Month-to-Date (MTD) returns increased to 3.28 percent.
InvestmentOne reports that market breadth index was negative with 14 gainers compared to 34 stocks that declined.
The report says embattled lender, Diamond Bank Plc with a gain of +10.00 percent emerged the topmost gainer and the most actively traded with about 78 million units of shares worth N153 million, while insurer, Nem Insurance Plc with a loss of -10.00 percent led the losers’ chart.
In terms of sector performance, InvestmentOne says the Nigerian Stock Exchange (NSE) Consumer Goods index declined by 2.26 percent, following the losses in the shares of Flour Mills of Nigeria Plc and soap and detergent producer, Unilever Nigeria Plc; both declined -9.84 percent and -7.02 percent apiece, Honeywell Flour Mills Plc and sugar refiner, Dangote Sugar Refinery Plc dipped -5.93 percent and -4.11 percent each, Okomu Oil Palm Company Plc also lost by -3.00 percent.
The NSE Banking index shed 0.94 percent, largely driven by the decline in the shares of United Bank for Africa Plc and Zenith Bank Plc; both depreciated -2.53 percent and -1.84 percent respectively, while First City Monument Bank dropped by -1.23 percent.
In the same vein, the NSE Oil & Gas index closed down by 0.73 percent, majorly due to the sell-offs in the shares of oil marketing majors, MRS Oil Nigeria Plc and Forte Oil Plc; both plunged -9.92 percent and -2.53 percent each, while Total Nigeria Plc and Oando Plc dipped -1.38 percent and -1.09 percent apiece.
On the positive side, the NSE Industrial index gained 0.05 percent, on the back of the advancement in the shares of cement producer, Lafarge Cement Wapco Nigeria Plc by +0.44 percent.
“The equities market closed down today following the losses across 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 update affirmed.
