February 26, 2019
By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market on Tuesday closed the second trading session of the week in red, losing -0.69 percent to 32,473.82 basis points compared to +0.57 percent gain recorded previously, as Year-to-Date (YTD) returns currently stands at a positive +3.32 percent.
InvestmentOne daily market update reports that market breadth index was somewhat flat with 21 gainers compared to 20 stocks that declined.
According to the report, Africa Prudential Plc with a gain of +10.00 percent emerged the topmost gainer, while NPF Microfinance Bank Plc with a loss of -9.70 percent led the losers’ chart.
Sunu Assurances Nigeria Plc (formerly Equity Assurance Plc) was the most actively traded stock with about 51 million units of shares worth N10 million.
In terms of sector performance, the update reports that the Nigerian Stock Exchange (NSE) Consumer Goods index closed down by 1.57 percent, following the declines in the shares of food and beverage producer, Nestle Nigeria Plc and Honeywell Flour Mills Plc; both depreciated by -4.43 percent and -0.71 percent apiece, while sugar refiner, Dangote Sugar Refinery Plc lost by -0.65 percent.
The NSE Banking index shed 1.18 percent, largely driven by the sell-offs in the shares of Union Bank of Nigeria Plc and Wema Bank Plc; both plunged -8.28 percent and -6.59 percent apiece, while FBN Holdings Plc and First City Monument Bank declined -3.61 percent and -3.00 percent respectively.
On the positive side, the NSE Oil & Gas index gained 1.56 percent, majorly due to the advancement in the shares of oil marketing major, Oando Plc with a gain of +9.85 percent.
In the same vein, InvestmentOne reports the NSE Industrial index closed up by 0.04 percent, on the back of the buy interest in the shares of cablemaker, Cutix Plc which appreciated by +9.63 percent.
“The equities market closed down today majorly due to 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 update added.
