March 5, 2019
By InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market closed the second trading session of the week on a positive note, gaining 0.14 percent to 32,173.66 basis points compared to 0.95 percent gain recorded previously, as Year-to-Date (YTD) returns currently stands at a positive +2.36 percent.
InvestmentOne update reports at the end of the session’s transactions on the floor of the Nigerian Stock Exchange (NSE), market breadth index was negative with 14 gainers compared 17 losers.
According to the report, food processing and packaging company, McNichols Consolidated Plc with a gain of +7.14 percent emerged the topmost gainer, while one of Nigeria’s leading logistics company, Red Star Express Plc with a loss of -9.09 percent led the losers’ chart.
Diamond Bank Plc was the most actively traded stock with about 119 million units of shares worth N299 million.
InvestmentOne reports the NSE Banking index gained 0.92 percent, majorly due to the advancements in the shares of Union Bank of Nigeria Plc and FBN Holdings Plc; both appreciated +4.48 percent and +1.25 percent respectively, Wema Bank Plc and Guaranty Trust Bank Plc gained +1.19 percent and +1.08 percent apiece, while Access Bank Plc and Zenith Bank Plc climbed up +0.84 percent and +0.82 percent each.
In the same vein, the NSE Consumer Goods sector closed up by 0.25 percent, on the back of the buy interest in the shares of Dangote Flour Mills Plc and salt refining company, NASCON Allied Industries Plc; both rose +5.77 percent and +4.17 percent apiece, while Honeywell Flour Mills Plc and sugar refiner, Dangote Sugar Refinery Plc gained +2.27 percent and +1.03 percent respectively.
On the flip-side, the NSE Industrial index closed down by 0.25 percent, following the decline in the shares of the most capitalised listed company on the Nigerian bourse and cement producer, Dangote Cement Plc which declined by -0.51 percent.
Still on the negative side, the NSE Oil & Gas index shed 0.12 percent, largely driven by the sell-offs in the shares of Japaul Oil & Maritime Plc and Caverton Offshore Support Group which depreciated -8.70 percent and -6.12 percent apiece, while oil marketing major, Oando Plc dropped by -0.87 percent.
“The equities market closed up today following the gains in the Banking and Consumer Goods 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.
