January 30, 2019
By InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market closed the third trading session of the week down on losses across sectors losing -0.11 percent to close at 31,145.34 basis points compared to -0.53 percent loss recorded previously, as Year-to-Date (YTD) returns stands at a negative -0.91 percent.
InvestmentOne reports that market breadth index was positive with 23 gainers compared to 19 stocks that declined.
According to the report, insurer, Mutual Benefit Assurance Plc with a gain of +10.00 percent emerged the topmost gainer, while Newrest ASL Nigeria Plc, formerly Airline Services & Logistics Plc with a loss of -9.79 percent led the losers’ chart.
InvestmentOne says that Nigeria’s top tier lender, Zenith Bank Plc with a gain of +0.22 percent was the most actively traded stock with about 56 million units of shares worth N1.29 billion.
In terms of sector performance, the Nigerian Stock Exchange (NSE) Oil & Gas index gained 1.40 percent, largely driven by the advancements in the shares of first dual listed Nigerian oil and gas upstream firm, Seplat Petroleum Development Company Plc and Eterna Plc; both gained +2.88 percent and +1.16 percent each; while and oil marketing major, Oando Plc gained +0.99 percent.
In the same vein, the NSE Industrial index closed up by 0.23 percent, majorly due to the buy interest in the shares of Nigerian glass maker, Beta Glass Plc, which appreciated by +7.82 percent.
Also, the NSE Banking index rose by 0.10 percent, following the gains in the shares of lenders, Sterling Bank Plc and Guaranty Trust Bank Plc which climbed up +2.17 percent and +0.59 percent each, while Diamond Bank Plc and Zenith Bank Plc gained +0.44 percent and +0.22 percent apiece.
On the flip-side, the NSE Consumer Goods index went down by 0.76 percent, on the back of the declines in the shares of top tier brewer, Guinness Nigeria Plc and Flour Mills of Nigeria Plc; both dipped -8.45 percent and -2.06 percent respectively, while food and beverage producer, Nestle Nigeria Plc depreciated by -0.69 percent.
“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 update affirmed.
