January 28, 2019
By InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market on Monday closed the first trading session of the week down on renewed profit-taking, losing 0.26 percent to close at 31,344.24 basis points compared to a gain of +1.41 percent recorded previously, as Year-to-Date (YTD) returns currently stands at a negative -0.27 percent.
InvestmentOne update reports that market breadth index was largely negative with 10 gainers compared 30 stocks that declined.
According to the report, NPF Microfinance Bank Plc with a gain of +9.59 percent emerged the topmost gainer, while paint manufacturer, Berger Paints Nigeria Plc with a loss of -9.68 percent led the losers’ chart.
Fidelity Bank Plc with a loss of -5.60 percent was the most actively traded stock with about 24 million units of shares worth N57 million.
In terms of sector performance, the Nigerian Stock Exchange (NSE) Banking index lost 0.50 percent, driven by the declines in the shares of Fidelity Bank Plc and United Bank for Africa Plc; both dropped -5.60 percent and -4.55 percent each, Access Bank Plc and Sterling Bank Plc declined -2.31 percent and -0.88 percent respectively, while Guaranty Trust Bank Plc and FBN Holdings Plc depreciated -0.72 percent and -0.65 percent apiece and First City Monument Bank lost by -0.47 percent.
In the same vein, the NSE Industrial index closed down by 0.40 percent, majorly due to the selloffs in the shares of Berger Paints Nigeria Plc which dipped by -9.68 percent.
Still on the negative path is the NSE Consumer Goods index which declined by 0.17 percent, following the losses in the shares of Dangote Flour Mills Plc and Cadbury Nigeria Plc; both dropped -4.62 percent and -2.00 percent each, Honeywell Flour Mills Plc and Dangote Sugar Refinery Plc lost -1.52 percent and -1.38 percent respectively.
On the positive side, the NSE Oil & Gas index rose by 0.01 percent, on the back of the gains in the shares of oil marketing majors, Oando Plc and Total Nigeria Plc, both gained +5.15 percent and +4.10 percent each.
“The equities market closed down today majorly due to 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.
