March 12, 2019
By InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market on Tuesday closed the second trading session of the week in red, losing -1.02 percent to 31,313.36 basis points compared to -0.90 percent loss recorded previously, as Year-to-Date (YTD) returns hits negative territory down -0.37 percent.
InvestmentOne daily update reports that market breadth index was negative with 8 gainers compared to 29 losers.
Insurer, Law Union & Rock Insurance Plc with a gain of +7.69 percent emerged the topmost gainer, while beer producer, International Breweries Plc with a loss of -9.93 percent led the losers’ chart.
The report says FBN Holdings Plc was the most actively traded stock with about 60 million units of shares worth N493 million.
In terms of sector performance, the Nigerian Stock Exchange (NSE) Banking index shed 2.26 percent, following the sell-offs in the shares of Jaiz Bank Plc and Unity Bank Plc with a loss of -8.62 percent and -7.78 percent apiece, while Wema Bank Plc and Guaranty Trust Bank Plc dropped -6.98 percent and -4.83 percent each, while First City Monument Bank and Diamond Bank Plc with a loss of -3.85 percent and -1.63 percent each.
The NSE Consumer Goods index closed down by 1.30 percent, driven by the losses in the shares of International Breweries Plc and PZ Cussons Nigeria Plc; both declined -9.93 percent and -5.58 percent apiece, while Salt refining company, NASCON Allied Industries Plc and Honeywell Flour Mills Plc depreciated -4.61 and -3.88 percent respectively.
In the same vein, the NSE Oil & Gas Index lost 0.37 percent, largely due to the decline in the shares of 11 Plc former (Mobil Nigeria Plc) by -3.00 percent.
On the positive side, the NSE Industrial index advanced by 0.24 percent, on the back of the gain in the shares of cement manufacturer, Lafarge Cement Wapco Nigeria Plc with a loss of +4.00 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 elections, we expect uncertainties associated with political risk to dwindle. This may improve investor sentiment towards the Nigerian equities market,” the InvestmentOne update affirmed.
