March 8, 2019
By Pascal Ijeh InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market on Friday closed the last trading session of the week in red, losing 0.27 percent to 31,924.51 basis points compared to 0.35 percent loss recorded previously, with Week-to-Date returns slightly up +0.31 percent, while Year-to-Date (YTD) returns currently stands at a positive +1.57 percent.
InvestmentOne reports that market breadth index on the floor of the Nigerian Stock Exchange (NSE) was marginally negative with 14 gainers compared to 15 losers.
Insurer, Wapic Insurance Plc with a gain of +5.00 percent emerged the topmost gainer, while Printing & Publishing firm, Academy Press Plc with a loss of -10.00 percent led the losers’ chart.
According to InvestmentOne update, Sovereign Insurance Plc with a gain of +4.17 percent was the most actively traded stock with about 62 million units of shares worth N16 million.
In terms of sector performance, the NSE Consumer Goods index declined by 0.98 percent on the back of the sell-offs in the shares of Dangote Flour Mills Plc and beer producer, Nigerian Breweries Plc; both depreciated -7.93 percent and -4.03 percent apiece, while sugar refiner, Dangote Sugar Refinery Plc also declined by -0.34 percent.
While the NSE Industrial index closed down by 0.05 percent, driven by the losses in the shares of cement manufacturer, Lafarge Cement Wapco Plc which dropped by -0.38 percent.
In the same vein, the NSE Banking index lost 0.14 percent, largely due to the declines in the shares of lenders, Sterling Bank Plc and Africa’s global bank, United Bank for Africa Plc; both lost -5.24 percent and -1.29 percent each, Guaranty Trust Bank Plc and FBN Holdings Plc; both depreciated -0.93 percent and -0.61 percent respectively.
On the positive side, the NSE Oil & Gas index gained 0.25 percent, following the advance in the shares of oil marketing major, Oando Plc which gained by +1.79 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 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.
