January 22, 2019
By InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market was somewhat flat on Tuesday as benchmark index inched up +0.01 percent to close at 30,736.88 basis points compared to -0.88 percent loss recorded previously, as Year-to-Date (YTD) returns currently stands at a negative -2.21 percent.
InvestmentOne reports that similarly, market breadth index was positive with 26 gainers compared to 10 stocks that declined.
According to the report, insurer, Linkage Assurance Plc with a gain of +9.84 percent emerged the topmost gainer, while food processing and packaging company, McNichols Consolidated Plc with a loss of -9.30 percent led the losers’ chart.
Embattled lender, Diamond Bank Plc was the most actively traded with about 71 million units of shares worth N149 million, InvestmentOne said.
In terms of sector performance, the Nigerian Stock Exchange (NSE) Oil & Gas index advanced by 1.68 percent, following the gains in the shares of oil marketing major, Oando Plc and first dual listed Nigerian oil and gas upstream firm, Seplat Petroleum Development Company Plc; both appreciated +6.82 percent and +1.89 percent apiece.
In the same vein, the NSE Banking index gained 0.76 percent, on the back of the buy interest in the shares of Fidelity Bank Plc and Wema Bank Plc; both gained +3.47 percent and +1.64 percent respectively, also, Zenith Bank Plc and Guaranty Trust Bank Plc went up +1.40 percent and +1.26 percent each.
On the flip-side, the NSE Industrial index lost 2.45 percent, largely driven by the sell-offs in the shares of cement manufacturer, Cement Company of Northern Nigeria Plc which lost by -7.06 percent.
While, the NSE Consumer Goods index shed 0.27 percent, due to the losses in the shares of Nigeria’s top tier brewer, Nigerian Breweries Plc which depreciated by -1.23 percent.
“The equities market closed somewhat flat today following the gains in Oil & Gas and Banking names which offset the losses in Industrial and Consumer Goods. Despite the sell-off in the equities market in 2018, we believe this presents decent entry opportunities in our quality names”.
