February 22, 2019
By InvestAdvocate
Lagos (INVESTADVOCATE)-The bears on Friday ran riot on the Nigerian equities market to close the last trading session of the week in red, down -0.16 percent to close at 32,515.52 basis points on losses in the Industrial and Consumer Goods sectors; bringing Week-to-Date (WTD) down to -0.61 percent.
InvestmentOne update reports that market breadth index was positive with 20 gainers compared to 17 stocks that declined.
According to the report, providers of environmental consulting services, The Initiates Plc with a gain of +8.96 percent emerged the topmost gainer, while food and beverage producer, Cadbury Nigeria Plc with a loss of -9.57 percent led the losers’ chart.
Lender, Diamond Bank Plc with a gain of +1.24 percent was the most actively traded stock with about 41 million units of shares worth N99 million.
In terms of sector performance, the Nigerian Stock Exchange (NSE) Consumer Goods index lost 0.81 percent, largely driven by the declines in the shares of Cadbury Nigeria Plc and Nigerian Breweries Plc; both depreciated -9.57 percent and -3.03 percent apiece and Flour Mills of Nigeria Plc dropped by -2.42 percent.
In the same vein, the NSE Industrial index shed 0.16 percent, following the sell-offs in the shares of Nigeria’s most capitalised listed company and cement manufacturer, Dangote Cement Plc which declined by -0.31 percent.
On the positive side, InvestmentOne reports the NSE Oil & Gas index gained 0.89 percent, on the back of the advancements in the shares of oil marketing majors, 11 Plc former (Mobil Nigeria Plc) and Total Nigeria Plc; both appreciated +4.71 percent and +2.63 percent respectively.
Also, the NSE Banking index closed up by 0.48 percent, majorly due to the buy interests in the shares of lenders, Zenith Bank Plc and Diamond Bank Plc; both gained +1.78 percent and +1.24 percent apiece, FBN Holdings Plc and Guaranty Trust Bank Plc inched up +0.60 percent and +0.53 percent each, while Fidelity Bank Plc dropped by +0.41 percent.
“The equities market closed down today majorly due to the losses 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 report affirmed.
