February 28, 2019
By InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market on Thursday closed the fourth trading session of the week in red, losing -1.62 percent on bellwether stocks to 31,718.70 basis points compared to a loss of -0.71% recorded previously, as Year-to-Date (YTD) returns currently stands at +0.92 percent.
InvestmentOne equities market wrap reports that market breadth index was negative with 9 gainers compared to 30 stocks that declined.
According to the report, Livestock Feeds Plc with a gain of +7.94 percent emerged the topmost gainer, while oil marketing major, Oando Plc with a loss of -9.92 percent led the losers’ chart.
Top tier lender, Guaranty Trust Bank Plc with a loss of -6.85 percent was the most actively traded stock with about 45 million units of shares worth N1.6 billion.
In terms of sector performance, InvestmentOne reports that the Nigerian Stock Exchange (NSE) Banking index shed 4.56 percent, on the back of the losses in the shares of lenders, First City Monument Bank and Diamond Bank Plc; both depreciated -9.92 percent and -7.76 percent apiece, Unity Bank Plc and Guaranty Trust Bank Plc dropped -7.00 percent and -6.85 percent each, while Fidelity Bank Plc and Wema Bank Plc declined -6.38 percent and -5.13 percent respectively.
In the same vein, the NSE Consumer Goods index closed down by 2.02 percent, majorly due to the sell-offs in the shares of Dangote Flour Mills Plc and Honeywell Flour Mills Plc; both down -8.79 percent and -5.07 percent each, while UAC of Nigeria Plc and food and beverage producer, Nestle Nigeria Plc depreciated -2.30 percent and -2.00 percent respectively.
Also, the NSE Oil & Gas index dropped by 1.56 percent, following the declines in the shares of oil marketing major, Oando Plc and Japaul Oi & Maritime Plc; both plunged -9.92 percent and -8.33 percent each.
On the positive side, the NSE Industrial index inched up by 0.67 percent, largely driven by the gains in the shares of Nigeria’s most capitalised listed company and cement manufacturer, Dangote Cement Plc which posted a gain of +1.45 percent.
“The equities market closed down today following the losses 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. 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 update added.
