March 6, 2019
By Paschal Ijeh InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market closed the third trading session of the week in red, losing 0.16 percent to 32,121.74 basis points compared to 0.14 percent gain recorded previously, as Year-to-Date (YTD) returns stands at a negative +2.20 percent.
InvestmentOne update reports that market breadth index was negative with 8 gainers compared to 20 losers.
Insurer, Consolidated Hallmark Insurance Plc with again of +7.69 percent emerged the topmost gainer, while food processing and packaging company, McNichols Consolidated Plc with a loss of -10.00 percent led the losers’ chart.
Top tier lender, Zenith Bank Plc which inched down by -0.81 percent was the most actively traded stock with about 45 million units of shares worth N1.11 billion.
In terms of sector performance, InvestmentOne reports the Nigerian Stock Exchange (NSE) Oil & Gas index closed down by 1.73 percent, majorly due to the sell-offs in the shares of first dual listed Nigerian oil and gas upstream firm, Seplat Petroleum Development Company Plc which lost by -3.57 percent.
In the same vein, the NSE Industrial Goods shed 1.35 percent, on the back of the loss in the shares of cement manufacturer, Cement Company of Northern Nigeria Plc which depreciated by -5.00 percent.
Still on the losing streak is the NSE Consumer Goods index which lost 0.05 percent, following the declines in the shares of Honeywell Flour Mills Plc and food and beverage producer, Cadbury Nigeria Plc; both declined –3.70 percent and -1.92 percent each, while Dangote Flour Mills Plc and soap and detergent manufacturer, PZ Cussons Nigeria Plc plunged -0.91 percent and -0.41 percent apiece.
On the gaining side, the NSE Banking index gained 0.03 percent, supported by the advancements in the shares of Jaiz Bank Plc and lenders, Access Bank Plc and Guaranty Trust Bank Plc; all appreciated +5.00 percent, +1.67 percent and +0.93 percent respectively.
“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 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 said.
