January29, 2019
By InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market closed the second trading session of the week down, losing 0.53 percent to close at 31,344.24 basis points compared to -0.26 percent lost recorded previously; bringing Year-to-Date (YTD) returns currently to a negative -0.80 percent.
InvestmentOne reports that market breadth index was negative with 14 gainers compared to 30 stocks that declined.
According to the update, courier company, Red Star Express Plc with a gain of +10.00 percent emerged the topmost gainer, while Academy Press Plc with a loss of -10.00 percent led the losers’ chart.
Insurer, Consolidated Hallmark Insurance Plc with a loss of -3.13 percent was the most actively traded stock with about 100 million units of shares worth N31 million.
In terms of sector performance, the Nigerian Stock Exchange (NSE) Banking index lost 1.45 percent, driven by the declines in the shares of First City Monument Bank Plc and Access Bank Plc; both depreciated -6.54 percent and -4.72 percent each, Fidelity Bank Plc and Zenith Bank Plc also declined -4.66 percent and -2.13 percent apiece, Guaranty Trust Bank Plc and United Bank for Africa Plc dipped -1.31 percent and -0.68 percent respectively, and FBN Holdings Plc lost by -0.66 percent.
In the same vein, NSE Consumer Goods index closed down by 0.56 percent, majorly due to the selloff in the shares of Honeywell Flour Mills Plc and Dangote Flour Mills Plc, both dropped -5.38 percent and -3.23 percent apiece, beer producer, Nigerian Breweries Plc and Dangote Sugar Refinery Plc both are down -2.38 percent and -1.40 percent each and Flour Mill of Nigeria Plc lost by -0.51 percent.
The NSE Oil & Gas index declined by 0.13 percent, following the losses in the shares of Eterna Plc and Oando Plc with -3.37 percent and -0.98 percent respectively. While the NSE Industrial index closed flat.
“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 .
