February 1, 2019
By InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market on Friday closed the last trading session of the week in green, driven by Banking counters, gaining 0.26 percent to 30,636.36 basis points, as Week-to-Date (WTD) declined -2.15 percent, while Year-to-Date (YTD) returns currently stands at a negative -2.53 percent.
InvestmentOne update reports that market breadth index was positive with 24 gainers compared to 11 stocks that declined.
According to the update, UAC of Nigeria Plc with a gain of +9.52 percent emerged the topmost gainer at the close of the session, while laboratory Services Company, Union Diagnostic & Clinical Services Plc with a loss a loss of -10.00 percent led the losers’ chart.
Top tier lender, Guaranty Trust Bank Plc with a gain of +0.75 percent was the most actively traded stock with about 65 million units of shares worth N2.19 billion.
In terms of sector performance, the Nigerian Stock Exchange (NSE) Banking index gained 1.95 percent, largely driven by the buy interest in the shares of First City Monument Bank and Fidelity Bank Plc; both appreciated +9.14 percent and +9.09 percent each, while Access Bank Plc and United Bank for Africa Plc gained +6.09 percent and +5.15 percent apiece.
Still on the Banking sector driving indices positive on the domestic bourse, Diamond Bank Plc and Sterling Bank Plc are both up +2.67 percent and +2.51 percent respectively and Zenith Bank Plc gained by +2.00 percent.
On the flip-side, the NSE Consumer Goods index declined by 0.20 percent, majorly due to the losses in the shares of Dangote Flour Mills Plc and Nestle Nigeria Plc; both gained -3.33 percent and -1.38 percent apiece.
In the same vein, InvestmentOne reports that the NSE Industrial index closed down by 2.97 percent, following the decline in the shares of cement producer, Cement Company of Northern Nigeria Plc which depreciated by -8.33 percent.
The NSE Oil & Gas index dipped by 0.42 percent, on the back of the losses in the shares of first dual listed Nigerian oil and gas upstream firm, Seplat Petroleum Development Company Plc which dropped by -0.93 percent.
“The equities market closed up today majorly due to the gains in Banking names. 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.
