February 4, 2019
By InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market on Monday opened the week positively as the all-share index (ASI) gained 0.35 percent to close at 30,745.05 basis points compared to +0.26 percent appreciation recorded previously, as Year-to-Date (YTD) returns currently stands at a negative -2.18 percent.
InvestmentOne report says the equities market closed up majorly due to the gains recorded in most sectors as market breadth index was negative with 17 gainers compared to 20 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 beer producer, Champion Breweries Plc with a loss of -10.00 percent led the losers’ chart.
Lender, Fidelity Bank Plc with a loss of -0.42 percent was the most actively traded stock with about 36 million units of shares worth N82 million.
In terms of sector performance, the Nigerian Stock Exchange (NSE) Consumer Goods index advanced by 1.07 percent, majorly due to the gains in the shares of top tier brewery, Nigerian Breweries Plc and Dangote Flour Mills Plc with a gain of +5.27 percent and +3.45 percent apiece.
In the same vein, the NSE Banking index gained 0.19 percent, largely driven by the buy interest in the shares of lender, Access Bank Plc and Stanbic IBTC; both appreciated +1.64 percent and +1.55 percent each, United Bank for Africa Plc and FBN Holdings Plc gained +0.70 percent and +0.68 percent respectively, Guaranty Trust Bank Plc rose by +0.45 percent.
The NSE Industrial index inched up by 0.02 percent, following the increase in the shares of cablemaker, Cutix Plc which appreciated by +5.56 percent.
On the flip-side, the NSE Oil & Gas index climbed down by 1.12 percent, on the back of the losses in the shares of oil marketing majors, Forte Oil Plc and Oando Plc; both dropped by -8.47 percent and -2.02 percent each, while Total Nigeria Plc declined by -1.07 percent.
“The equities market closed up today majorly due to the gains in most sectors. Despite the recent sell-off in the equities market, we believe this presents decent entry opportunities for investors with medium to long term horizon,” the InvestmentOne update affirmed.
