January 9, 2019
By InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market closed the third trading session of the week in the red, losing 2.33 percent to -29,336.80 basis points; compared to -1.20 percent loss recorded previously, as Year-to-Date (YTD) returns currently stands at -6.66 percent.
InvestmentOne reports that market breadth index was negative with 14 gainers compared to 19 stocks that declined.
The report says that construction giant, Julius Berger Nigeria Plc with a gain of +10.00 percent emerged the topmost gainer, while book publishers University Press Plc with a loss of -10.00 percent led the losers’ chart.
Embattled lender, Diamond Bank Plc with a loss of -1.05 percent was the most actively traded with about 55 million units of shares worth N104 million.
In terms of sector performance, the Nigerian Stock Exchange (NSE) Industrial index shed 4.35 percent, majorly due to the losses in the shares of Nigeria’s most capitalise listed company and cement producer, Dangote Cement Plc which dipped by -8.60 percent.
InvestmentOne reports the NSE Banking index closed down by 0.28 percent, following the declines in Access Bank Plc and Guaranty Trust Bank Plc; both depreciated -5.98 percent and -2.19 percent apiece, while Wema Bank Plc and FBN Holdings Plc dropped by -1.69 percent and -1.40 percent respectively.
On the positive side, the NSE Consumer Goods index closed up by 0.74 percent, largely driven by the gains in the shares of soap and detergent producer, Unilever Nigeria Plc and Flour Mills of Nigeria Plc; both appreciated +9.63 percent and +4.72 percent each, while food and beverage maker, Cadbury gained by +3.63 percent.
In the same vein, the NSE Oil & Gas index gained 0.15 percent, on the back of the advancements in the shares of oil marketing majors, Oando Plc and 11 Plc (former Mobil Nigeria Plc); both gained +1.19 percent and +0.22 percent respectively.
“The equities market closed down today following the losses in Industrial and Banking names. 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.
