March 7, 2019
By Pascal Ijeh InvestAdvocate
Lagos (INVESTADVOCATE)-The bears on Thursday sustained hold on the Nigerian equities market as the fourth trading session of the week closed in red, losing 0.35 percent to 32,010.06 basis points compared to a loss of 0.16 percent recorded previously, to bring Year-to-Date (YTD) returns to a positive +1.84 percent.
InvestmentOne update reports that market breadth index was negative with 9 gainers compared to 26 losers.
The report says that food and beverage producer, Cadbury Nigeria Plc with a gain of +7.84 percent emerged the topmost gainer, while Nigeria’s Largest and First Indigenous Book Publisher, University Press Plc with a loss of -9.78 percent led the losers’ chart.
According to InvestmentOne, top tier lender, Zenith Bank Plc with a gain of +0.41 percent was the most actively traded stock with about 35 million units of shares worth N860 million.
In terms of sector performance, the Nigerian Stock Exchange (NSE) Oil & Gas index shed 0.97 percent, following the losses in the shares of oil marketing majors, 11 Plc former (Mobil Nigeria Plc) and Oando Plc; both depreciated -5.56 percent and -1.75 percent apiece.
In the same vein, the NSE Consumer Goods index declined by 0.68 percent, on the back of the sell-offs in the shares of soap and detergent manufacturer, PZ Cussons Nigeria Plc and Flour Mills of Nigeria Plc; both lost -8.26 percent and -4.76 percent each, Honeywell Flour Mills Plc and sugar refiner, Dangote Sugar Refinery Plc declined -0.77 percent and -0.34 percent respectively.
Still on the negative streak is the NSE Industrial index which closed down by 0.39 percent, and majorly driven by the losses in the shares of Nigeria’s most capitalised quoted company and cement producer, Dangote Cement Plc which dipped by -0.76 percent.
The NSE Banking index lost 0.13 percent, largely due to the declines in the shares of lenders, Diamond Bank Plc and Access Bank Plc which depreciated -2.41 percent and -1.64 percent each, Guaranty Trust Bank Plc and Union Bank of Nigeria Plc lost by -0.79 percent and -0.71 percent respectively.
“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 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 report affirmed.
