February 7, 2019
By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market closed the fourth trading session of the week in green, up +1.98 percent and driven by gains in blue-chip counters.
InvestmentOne update reports that market breadth index was positive with 25 gainers compared 13 stocks that declined.
According to the update, oil marketer, Forte Oil Plc with a gain of +10.00 percent emerged the topmost gainer, while food processing and packaging company, McNichols Consolidated Plc with a loss of -9.52 percent led the losers’ chart.
Africa’s global lender, United Bank for Africa Plc with a loss of +2.08 percent was the most actively traded stock with about 137 million units of shares worth N987 million.
In terms of sector performance, InvestmentOne reports the Nigerian Stock Exchange (NSE) Banking index gained 5.78 percent, majorly due to the buy interests in the shares of top tier lenders, Guaranty Trust Bank Plc and Zenith Bank Plc which appreciated +9.51 percent and +7.24 percent each, Jaiz Bank Plc and Sterling Bank Plc gained +6.00 percent and +5.93 percent respectively.
Still on the positive side, the NSE Industrial index rose by 1.47 percent, on the back of the gains in the shares of cement producers, Lafarge Cement Wapco Plc and Cement Company of Northern Nigeria Plc; both climbed up +2.47 percent and +2.05 percent each, while Nigeria’s most capitalised listed company, Dangote Cement Plc gained by +1.06 percent.
In the same vein, the NSE Oil & Gas index advanced by 0.84 percent, largely driven by the surges the shares of Forte Oil Plc and Oando Plc; both appreciated +10.00 percent and +1.01 percent respectively.
Also, the NSE Consumer Goods index grew by 0.64 percent, following the increases in the shares of Dangote Sugar Refinery Plc and Honeywell Flour Mills Plc; both gained +6.25 percent and +0.84 percent apiece, while food and beverage maker, Nestle Nigeria Plc rose by +0.68 percent.
“The equities market closed up today majorly due to the gains in the across ALL 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 report added.
