March 4, 2019
By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market on Monday opened the week on a positive note with benchmark index up +0.95 percent to close at 32,129.94 basis points compared to +0.34 percent gain recorded previously to bring Year-to-Date (YTD) returns to a positive +2.23 percent.
InvestmentOne update reports that market breadth index was positive with 25 gainers compared to 10 losers.
According to the report, food processing and packaging company, McNichols Consolidated Plc with a gain of +9.80 percent emerged the topmost gainer, while soap and detergent producer, PZ Cussons Nigeria Plc with a loss of -9.67 percent led the losers’ chart.
Investmentone reports that Diamond Bank Plc with a gain of +8.23 percent was the most actively traded stock with about 33 million units of shares worth N82 million.
In terms of sector performance, the Nigerian Stock Exchange (NSE) Banking index gained 2.66 percent, on the back of the buy interests in the shares of Wema Bank Plc and Diamond Bank Plc; both appreciated +9.09 percent and +8.23 percent each, First City Monument Bank and Guaranty Trust Bank Plc gained +5.77 percent and +4.79 percent respectively, while the shares of FBN Holdings Plc and Zenith Bank Plc surged +3.23 percent and +2.30 percent apiece.
The NSE Consumer Goods index rose by 0.43 percent, majorly due to the gains in the shares of beer producers, International Breweries Plc and Dangote Flour Mills Plc gained +8.00 percent and +5.05 percent apiece.
Still on the positive side, the NSE Industrial index closed up by 0.31 percent, largely driven by the gains in the shares of cablemaker, Cutix Plc and cement manufacturer, Lafarge Cement Wapco Nigeria Plc; both appreciated +9.76 percent and +0.78 percent respectively, while the most capitalised quoted company on the Nigerian bourse, Dangote Cement Plc inched up by +0.20 percent. However, the NSE Oil & Gas index closed flat.
“The equities market closed up today following the gains in 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 and National Assembly elections, we expect uncertainties associated with political risk to dwindle. This may improve investor sentiment towards the Nigerian equities market,” the InvestmentOne update affirmed.
