February 14, 2019
By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market on Thursday resumed its uptrend as the benchmark index gained 0.12 percent to close at 32,453.69 basis points compared to –0.15 percent lost recorded previously, amid bargain hunting and driven by gains in Industrial, Consumer names.
InvestmentOne update reports that market breadth index was positive with 22 gainers compared to 13 stocks that declined.
According to the report, Livestock Feeds Plc with a gain of +10.00 percent emerged the topmost gainer, while Union Bank of Nigeria Plc with a loss of -8.03 percent led the losers’ chart.
The report says embattled lender, Diamond Bank Plc with a loss of -0.83 percent was the most actively traded stock with about 97 million units of shares worth N314 million.
In terms of sector performance, the Nigerian Stock Exchange (NSE) Industrial index closed up by 0.71 percent, on the back of the gains in the shares of cement manufacturers, Lafarge Cement Wapco Nigeria Plc and Dandote Cement Plc; both appreciated +3.08 percent and +0.53 percent each , also the Cement Company of Northern Nigeria Plc gained by +0.23 percent.
In the same vein, the NSE Consumer Goods index rose by 0.27 percent, majorly due to the improvements in the shares of soap and detergent producers, Unilever Nigeria Plc and PZ Cussons Plc; both gained +6.82 percent +5.42 percent apiece, while Honeywell Flour Mills Plc rose by +3.08 percent.
On the flip-side, the NSE Oil & Gas index lost 0.75 percent, following the sell-offs in the shares of oil marketing major, Oando Plc and Eterna Plc; both declined -5.17 percent and -3.09 percent respectively.
Similarly, the NSE Banking index shed 0.45 percent, largely driven by the declines in the shares of Union Bank of Nigeria Plc and Diamond Bank Plc; which dropped -8.03 percent and -0.83 percent apiece, while Access Bank Plc and Zenith Bank Plc lost -0.75 percent and -0.60 percent each.
“The equities market closed up today majorly due to the gains in Industrial and Consumer names. Despite the recent recovery in the equities market, we believe prices are still at decent levels for investors with medium to long term horizon,” the InvestmentOne update added.
