February 27, 2019
By InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market on Wednesday closed the third trading session of the week in red, losing 0.71 percent to 32,244.24 basis points compared to -0.69 percent gain recorded previously, as Year-to-Date (YTD) returns currently stands at +2.59 percent.
InvestmentOne update reports that market breadth index was negative with 10 gainers compared to 30 stocks that declined.
According to the report, Pharmaceutical firm, Neimeth International Pharmaceuticals Plc with a gain of +9.84 percent emerged the topmost gainer, while Laboratory Services Company, Union Diagnostic & Clinical Services Plc with a loss of -9.68 percent led the losers’ chart.
Embattled lender, Diamond Bank Plc with a loss of -2.00 percent was the most actively traded stock with about 187 million units of shares worth N466 million.
In terms of sector performance, the Nigerian Stock Exchange (NSE) Oil & Gas index shed 1.65 percent, on the back of the losses in the shares of oil marketing major, Oando Plc and Eterna Plc; both declined -9.66 percent and -7.37 percent apiece, while Japaul Oil & Services Plc dropped by -4.00 percent.
In the same vein, the NSE Banking index closed down by 1.44 percent, majorly due to the sell-offs in the shares of lenders, Wema Bank Plc and Access Bank Plc which depreciated -8.24 percent and -4.00 percent each, Zenith Bank Plc and FBN Holdings Plc also lost -3.49 percent and -2.50 percent respectively, while Africa’s global bank, United Bank for Africa Plc and Guaranty Trust Bank Plc dipped -2.50 percent and -0.52 percent apiece.
Still on the negative streak, the NSE Consumer Goods index lost by 0.66 percent, following the declines in the shares of soap and detergent producer, Unilever Nigeria Plc and sugar refiner, Dangote Sugar Refinery Plc; both plunged -4.65 percent and -2.60 percent each.
Drugmaker, GlaxoSmithKline Consumer Nigeria Plc and Dangore Flour Mills Plc depreciated -1.27 percent and -0.83 percent apiece, while Honeywell Flour Mills Plc dropped by -0.72 percent.
The NSE Industrial index declined by 0.05 percent, largely driven by the losses in the shares of cement manufacturer, Lafarge Cement Wapco Nigeria Plc which declined by -0.38 percent.
“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. Furthermore, with the conclusion of the 2019 presidential elections, we expect uncertainties associated with political risk to dwindle which may improve investor sentiment towards the equities market,” the InvestmentOne report said.
