February 17, 2019
By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market closed the first trading session of the week in red, declining 1.61 percent to 32,190.07 basis points compared to +0.81 percent gain recorded previously, as Year-to-Date (YTD) returns currently stands at a +2.42 percent up amid postponment of elections.
InvestmentOne reports that market breadth index was negative with 12 gainers compared to 37 stocks that declined.
Presco Plc with a gain of +10.00 percent emerged the topmost gainer, while leading conglomerate, Transnational Corporation of Nigeria Transnational Corporation of Nigeria Plc with a loss of -9.94 percent led the losers’ chart.
Lender, Access Bank Plc with a loss of -4.55 percent was the most actively traded stock with about 25 million units of shares worth N160 million.
In terms of sector performance, the Nigerian Stock Exchange (NSE) Banking index shed 3.21 percent, on the back of the losses in the shares of Wema Bank Plc and Access Bank Plc both declined -9.71 percent and -4.55 percent respectively, United Bank for Africa Plc and Guaranty Trust Bank Plc depreciated -4.38 percent and -3.82 percent each.
In the same vein, InvestmentOne reports that the NSE Oil & Gas index closed down by 2.92 percent, majorly due to the sell-offs in the shares of oil marketing majors, 11 Plc (former Mobil Oil Nigeria Plc and Total Nigeria Plc; both dipped -7.61 percent and -7.32 percent apiece; while Oando Plc and Eterna Plc lost -6.67 percent and -4.21 percent each.
Still on the losing streak is the NSE Consumer Goods index which dropped by 1.54 percent, following the declines in the shares of Nigerian Breweries Plc and Honeywell Flour Mills Plc; both declined -9.64 percent and -9.29 percent each, while sugar refiner, Dangote Sugar Refinery Plc and salt refining company, NASCON Allied Industries Plc; both dropped -4.90 percent and -3.95 percent respectively.
Also, the NSE Industrial index declined by 1.16 percent, largely driven by the losses in the shares of cement manufacturers, Cement Company of Northern Nigeria Plc and Lafarge Cement Wapco Nigeria Plc; both lost -4.76 percent and -0.38 percent each.
“The equities market closed down today following the losses across ALL sectors. 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 affirmed.
