March 18, 2019
By Paschal Ijeh InvestAdvocate
Lagos (INVESTADVOCATE)-The shares of First City Monument Bank Limited, Union Bank of Nigeria Plc and other banking stocks on Monday impacted negatively on the Nigerian Stock Exchange (NSE) as the all-share index (ASI) plunged -0.06 percent to close at 31,125.39 basis points compared to -0.22 percent loss posted previously, bringing Year-to-Date (YTD) returns to a negative -0.97 percent.
InvestmentOne reports that market breadth index was negative with 11 gainers compared to 20 stocks that declined.
According to the report, Ikeja Hotels Plc with a loss of -9.66 percent emerged the topmost loser, while Dangote Flour Mills Plc with a gain of +7.35 percent led the gainers’ chart.
Top tier lender, Access Bank Plc with a gain of +0.86 percent was the most actively traded stock with about 56 million units of shares worth N328 million.
In terms of sector performance, InvestmentOne reports the Nigerian Stock Exchange (NSE) Banking index shed 0.23 percent, due to the sell-offs in the shares of Wema Bank Plc and First City Monument Bank; both declined -7.79 percent and -2.70 percent apiece, while Union Bank of Nigeria Plc and Jaiz Bank Plc depreciated -2.14 percent and -1.85 percent each, Fidelity Bank Plc dropped by -1.40 percent.
On the positive side, the NSE Consumer Goods index gained 0.11 percent, largely on the back of the advancement in the shares of Dangote Flour Mills Plc which gained by +7.35 percent.
In the same vein, the NSE Industrial index closed up by 0.03 percent, following the gain in the shares of cement manufacturer, Lafarge Cement Wapco Nigeria Plc which appreciated by +0.78 percent. The NSE Oil & Gas index closed flat
“The equities market closed down today following the loss in the Banking sector. Despite the recent sell-off in the equities market, we believe prices at current level presents decent entry opportunities 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 said.
