March 22, 2019
By Paschal IJEH InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market on Friday closed the last trading session of the week in green, gaining +0.82 percent to 31,139.35basis points, as Week-to-Date (WTD) returns close somewhat flat, losing 0.01 percent.
At the close of the session’s trading on the domestic bourse, InvestmentOne reports that market breadth index was somewhat flat with 22 gainers compared to 21 losers.
According to the report, insurer, Prestige Assurance Plc with a gain of +10.00 percent emerged the topmost gainer, while food and beverage producer, Cadbury Nigeria Plc with a loss of -10.00 percent led the losers’ chart.
Top tier lender, Access Bank Plc with a loss of -0.72 percent was the most actively traded stock with about 99 million units of shares worth N722 million.
In terms of sector performance, the Nigerian Stock Exchange (NSE) Industrial index closed up by 1.72 percent, following the buy interests in the shares of cement manufacturers, Cement Company of Northern Nigeria Plc and Dangote Cement Plc; both gained +4.50 percent and +0.85 percent apiece.
The NSE Banking index gained 1.37 percent, largely on the back of the advancements in the shares of tier one lenders, Guaranty Trust Bank Plc and First City Monument Bank; both appreciated +3.73 percent and +2.60 percent each, while Africa’s global lender, United Bank of Africa Plc and Stanbic IBTC gained +1.30 percent and +1.11 percent respectively, while FBN Holdings Plc gained by +0.61 percent.
In the same vein, the NSE Consumer Goods index rose by 0.40 percent, due to the gains in the shares of beer producers, International Breweries Plc and Champion Breweries Plc; both surged +8.11 percent and +3.57 percent each and Dangote Flour Mills Plc climbed up by +2.65 percent.
On the flip-side, the NSE Oil & Gas index declined by 0.36 percent, majorly driven by the sell-offs the shares of oil marketing majors, Total Nigeria Plc and Forte Oil Plc plunged -2.00 percent and -1.07 percent respectively.
“The equities market closed up today following the gains across most sectors. 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.
