January 31, 2019
By InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market on Thursday closed the fourth trading session of the week down, losing 1.89 percent on losses across sectors.
InvestmentOne reports that market breadth index was negative with 10 gainers compared to 32 stocks that declined.
According to the report, food processing and packaging company, McNichols Consolidated Plc with a gain of +10.00 percent emerged the topmost gainer, while Nigeria’s leading logistics company, Red Star Express Plc with a loss of -9.09 percent led the losers’ chart.
The update reports that Africa’s global lender, the United Bank for Africa Plc with a loss of -6.21 was the most actively traded stock with about 124 million units of shares worth N859 million.
In terms of sector performance, the Nigerian Stock Exchange (NSE) Banking index lost 2.54 percent, largely driven by the sell offs in the shares of Ecobank Transnational Incorporated and UBA; both declined -6.67 percent and -6.21 percent apiece, Access Bank Plc and Stanbic IBTC also declined -4.17 percent and -3.83 percent each.
Still on the losing streak is Fidelity Bank Plc and Zenith Bank Plc; both depreciated -2.22 percent and -2.17 percent respectively, while Diamond Bank Plc and Guaranty Trust Bank Plc dropped -2.17 percent and -1.62 percent each.
In the same vein, the NSE Consumer Goods index declined by 1.71 percent, majorly due to the losses in the shares of Honeywell Flour Mills Plc and PZ Cussons Nigeria Plc; both lost -7.69 percent and -7.00 percent respectively; Nigerian Breweries Plc and Flour Mills of Nigeria Plc depreciated -5.13 percent and -2.37 percent each and Dangote Sugar Refinery Plc went down by -0.71 percent.
The NSE Industrial index closed down by 0.97 percent, following the decline in the shares of cement producer and Nigeria’s most capitalised listed company, Dangote Cement Plc which lost by -2.06 percent.
Also, the NSE Oil & Gas index went down by 0.39 percent, on the back of the losses in the shares of oil marketing major, Oando Plc and Eterna Plc; both declined -2.94 percent and -2.30 percent apiece.
“The equities market closed down today majorly due to the losses across all sectors. Despite the sell-off in the equities market in 2018, we believe this presents decent entry opportunities in our quality names,” the Investmentone report said.
