InvestmentOne update reports that market breadth index was somewhat flat with 17 gainers compared to 18 losers.

According to the report, Presco Plc with a loss of -9.33 percent emerged the topmost loser, while food processing and packaging company, McNichols Consolidated Plc with a gain of +10.00 percent led the gainers’ chart.

Tier one lender, Access Bank Plc with a gain of +1.71 percent was the most actively traded stock with about 85 million units of shares worth N500 million.

 In terms of sector performance, the Nigerian Stock Exchange (NSE) Consumer Goods index shed 1.99 percent, due to the sell-offs in the shares of brewer, Nigerian Breweries Plc and PZ Cussons Nigeria Plc both declined -6.67 percent and -1.36 percent each, while food and beverage producer, Nestle Nigeria Plc lost by -1.19 percent.

The NSE Industrial index declined by 0.08 percent, largely on the back of the loss in the shares of most capitalised listed company on the Nigerian bourse, Dangote Cement Plc which dipped by -0.26 percent.

On the flip-side, the NSE Banking index closed up by 2.08 percent, following the advancements in the shares of First City Monument and Fidelity Bank Plc; both appreciated +6.67 percent and +4.74 percent apiece, while Wema Bank Plc and Guaranty Trust Bank Plc gained +4.23 percent and +4.10 percent respectively, Access Bank Plc rose by +1.71 percent

 In the same vein, the NSE Oil & Gas index gained 0.29 percent, supported by the buy interest in the shares of 11 Plc former (Mobil Nigeria Plc) which gained by +2.41 percent.

“The equities market closed down today following the losses in Industrial and Consumer names. 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 added.