February 19, 2019
By InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market reversed Tuesday’s loss, gaining 0.67 percent to close the session at 32,406.18 basis points compared to a loss of -1.61 percent loss recorded the previously as Year-to-Date (YTD) returns currently stands at a positive +3.10 percent on gains in banking counters.
InvestmentOne update reports that market breadth index was positive with 16 gainers compared to 14 stocks that declined.
According to the update, Japaul Oil & Gas Maritime Plc with a gain of +9.52 percent emerged the topmost gainer, while First Aluminum Nigeria Plc with a loss of -10.00 percent led the losers’ chart.
The report says Nigeria’s leading conglomerate, Transnational Corporation of Nigeria Plc with a loss of -9.74 percent was the most actively traded stock with about 120 million units of shares worth N168 million.
In terms of sector performance, the Nigerian Stock Exchange (NSE) Banking index gained 2.97 percent, following the buy interests in the shares of top tier lenders, Zenith Bank Plc and Africa’s global bank, United Bank for Africa Plc; both appreciated +5.63 percent and +4.58 percent apiece, Guaranty Trust Bank Plc and Diamond Bank Plc rose +3.29 percent and +2.54 percent respectively.
In the same vein, the NSE Oil & Gas index closed up by 0.74 percent, on the back of the gains in the shares of Japaul Oil & Gas Plc and Oando Plc rose +9.52 percent and +6.25 percent respectively.
Also, the NSE Consumer Goods index advanced by 0.26 percent, largely driven by the improvements in the shares of sugar refiner, Dangote Sugar Refinery and Presco Plc; both up +4.12 percent and +3.31 percent each, Honeywell Flour Mills Plc and Unilever Nigeria Plc both gained +2.36 percent and +0.46 percent each.
On the flip-side, the NSE Industrial index lost 0.21 percent, majorly due to the loss in the shares of Nigeria’s most capitalised listed company and cement manufacturer, Dangote Cement Plc which declined -0.41 percent.
“The equities market closed up today following the gains across most 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 said.
