February 6, 2019
By InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market on Wednesday closed the third trading session of the week in green, gaining 0.16 percent to close at 30,821.80 basis points compared to +0.09 percent gain recorded previously, as Year-to-Date (YTD) returns currently stands at a negative -1.94 percent and riven by gains in the Banking, Consumer Goods counters.
InvestmentOne reports that market breadth index was positive with 19 gainers compared to 17 stocks that declined.
According to the update, book publishing firm Learn Africa Plc with a gain of +9.49 percent emerged the topmost gainer, while Custodian & Allied Plc with a loss of -8.82 percent led the losers’ chart.
The report says FBN Holdings Plc with a loss of -0.67 percent was the most actively traded stock with about 89 million units of shares worth N660 million.
In terms of sector performance, the Nigerian Stock Exchange (NSE) Consumer Goods index gained 1.27 percent, majorly due to the buy interest in the shares of Dangote Flour Mills Plc and Nestle Nigeria Plc; both up +4.96 percent and +2.82 percent each, while Flour Mills of Nigeria Plc and Dangote Sugar Refinery Plc rose +2.43 percent and +0.74 percent respcetively.
The NSE Banking index rose by 0.57 percent, on the back of the gains in the shares of top tier lenders, Guaranty Trust Bank Plc and First City Monument Bank Plc; both appreciated +1.76 percent and +0.48 percent respectively, while Sterling Bank Plc gained by +0.43 percent.
On the flip-side, the NSE Industrial index closed down by 0.62 percent, largely driven by the losses in the shares of cement manufacturers, Lafarge Cement Wapco Nigeria Plc and Dangote Cement Plc; both declined -2.02 percent and -0.79 percent apiece.
Also, NSE Oil & Gas index lost 0.13 percent, following the decline in the shares of oil marketing major, Oando Plc which depreciated by -1.00 percent.
“The equities market closed up today majorly due to the gains in the Consumer Goods and Banking 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 added.
