February 15, 2019
By InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market on Friday closed the last trading session of the week in green as the benchmark index gained 0.81 percent to close at 32,715.20 basis points on gains in Banking, Oil & Gas counters, to drive Week-to-Date (WTD) returns up 3.76 percent.
InvestmentOne update reports that Friday’s market breadth index was positive with 33 gainers compared to 22 stocks that declined.
According to the report, producer of Specialty Fats and Oils, Presco Plc with a gain of +10.00 percent emerged the topmost gainer, while MRS Oil Nigeria Plc with a loss of -9.94 percent led the losers’ chart.
Diamond Bank Plc with a loss of +0.42 percent was the most actively traded stock with about 142 million units of shares worth N340 million.
In terms of sector performance, InvestmentOne reports the Nigerian Stock Exchange (NSE) Oil & Gas index closed up by 4.26 percent on the back of the gains in the shares of oil marketing major and first dual listed Nigerian Oil & Gas upstream company, Seplat Petroleum Development Company Plc; both appreciated +9.09 percent and +6.72 percent respectively.
In the same vein, the NSE Banking index rose by 0.66 percent, majorly due to the improvements in the shares of lenders, Union Bank of Nigeria Plc and Wema Bank Plc; both surged +9.52 percent and +8.42 percent apiece.
Africa’s global lender, United Bank for Africa Plc, and FBN Holdings Plc; both gained +1.91 percent and +1.82 percent each and Diamond Bank Plc rose by +0.42 percent.
On the flip-side, the NSE Industrial index lost by 1.04 percent, following the sell-offs in the shares of cement manufacturers, Cement Company of Northern Nigeria Plc and Lafarge Cement Wapco Nigeria Plc; both declined -4.55 percent and -2.61 percent respectively.
Also, the NSE Consumer Goods index shed 0.22 percent, largely driven by the declines in the shares of soap and detergent producer, Unilever Nigeria Plc which depreciated -7.45 percent and food and beverage maker, Nestle Nigeria Plc down by -1.57 percent.
“The equities market closed up today majorly due to the gains in Oil & Gas and Banking 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.
