January 23, 2019
By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market closed the third trading session of the week in green, gaining 0.46 percent to close at 30,878.56 basis points and driven by Banking counters, compared to +0.01 percent gain recorded previously, bringing Year-to-Date (YTD) returns to a negative -1.76 percent.
InvestmentOne reports that following similar trend, market breadth index was positive with 21 gainers compared to 10 stocks that declined.
According to the report, Market leader in aluminum sheets in Nigeria, First Aluminium Nigeria Plc with a gain of +9.68 percent was the topmost gainer, while Resort Savings & Loans Plc with a loss of -8.33 percent led the losers’ chart.
Top tier lender, Access Bank Plc with a gain of +0.89 percent was the most actively traded with about 156 million units of shares worth N875 million.
In terms pf sector performance, the Nigerian Stock Exchange (NSE) index gained 1.64 percent, largely driven by the advancements in the shares of Fidelity Bank Plc and Sterling Bank Plc; both appreciated +9.57 percent and +4.90 percent apiece, while First City Monument Bank and Guaranty Trust Bank Plc; both gained by +4.35 percent and +2.80 percent each, First Bank Holdings Plc gained by +1.37 percent.
InvestmentOne reports that the NSE Oil & Gas index closed down by 0.14 percent, majorly due to the loss in the shares of oil marketing major, Forte Oil Plc by -1.67 percent.
In the same vein, the NSE Industrial index lost 0.04 percent, following the decline in the shares of cement manufacturer, Lafarge Cement Wapco Nigeria Plc with a loss of -0.40 percent.
Also, the NSE Consumer Goods index shed 0.01 percent, on the back of the sell-offs in the shares of Honeywell Flour Mills Plc which declined -1.60 percent and Dangote Flour Mills Plc down by -0.76 percent.
“The equities market closed up today majorly due to the gain in Banking names which offset the losses in Industrial, Oil & Gas and Consumer Goods. 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.
