February 21, 2019
By InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market on Thursday closed the trading session in red, losing 0.14 percent to 32,568.66 basis points compared to +0.64 percent gain recorded previously, as Year-to-Date (YTD) returns currently stands at a negative +3.62 percent.
InvestmentOne reports that market breadth index was positive with 21 gainers compared to 15 stocks that declined.
The report says Ikeja Hotels Plc with a gain of +9.94 percent was the topmost gainer, while insurer, Linkage Assurance Plc with a loss of -10.00 percent led the losers’ chart.
Nigeria’s top tier conglomerate, Transnational Corporation of Nigeria Plc with a gain of +0.67 percent was the most actively traded stock with about 25 million units of shares worth N36 million.
In terms of sector performance, the Nigerian Stock Exchange (NSE) Consumer Goods index shed 0.85 percent, due to the sell-offs in the shares of beer producer, International Breweries Plc and Dangote Flour Mills Plc; both gained -9.48 percent and -2.51 percent each, while soap and detergent manufacturer, PZ Cussons Nigeria Plc and Flour Mills of Nigeria Plc, declined -2.37 percent and -0.24 percent respectively.
The NSE Banking index lost 0.27 percent, on the back of the declines in the shares of lender, Zenith Bank Plc and Fidelity Bank Plc which depreciated -1.94 percent and -0.40 percent apiece.
On the positive side, the NSE Oil & Gas index gained 0.49 percent, majorly due to the advancement in the shares of oil marketing major, Oando Plc which appreciated by +3.17 percent.
In the same vein, the NSE Industrial index closed up by 0.16 percent, following the buy interest in the shares of cement producer, Dangote Cement Plc which gained by +0.31 percent.
“The equities market closed down today following the losses in Consumer 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 said.
