March 25, 2019
By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market on Monday closed the first trading session of the week in red, losing 0.31 percent on losses across most sectors to 31,042.32basis points compared to 0.82 percent gain recorded previously, as Year-to-Date (YTD) returns stands at a negative -1.24 percent.
InvestmentOne daily update reports that market breadth index was negative with 12 gainers compared to 19 losers.
According to the report, Academy Press Plc with a loss of -8.33 percent emerged the topmost loser, while global logistics solutions firm, Red Star Express Plc with a gain of +10.00 percent led the gainers’ chart.
Top tier lender, Guaranty Trust Bank Plc was the most actively traded stock with about 47 million units of shares worth N1.76 billion.
In terms of sector performance, the Nigerian Stock Exchange (NSE) Industrial index shed 1.64 percent, following the sell-offs in the shares of cement manufacturers, Cement Company of Northern Nigeria Plc and Dangote Cement Plc; both increased -4.31 percent and -0.63 percent apiece.
The NSE Banking index lost 0.78 percent, largely on the back of the declines in the shares of lenders, Access Bank Plc and Fidelity Bank Plc; both plunged -6.57 percent and -5.06 percent each, Zenith Bank Plc and First City Monument Bank dipped -2.49 percent and -1.02 percent respectively, while FBN Holdings Plc lost by -0.61 percent.
In the same vein, the NSE Oil & Gas index closed down by 0.74 percent, due to the losses in the shares of oil marketing major, Oando Plc and 11 Plc former Mobil Nigeria Plc; both depreciated -3.45 percent and -1.76 percent apiece.
Also, the NSE Consumer Goods index declined by 0.20 percent, majorly driven by the sell-offs in the shares of salt refining company, NASCON Allied Industries Plc and food and beverage producer, Nestle Nigeria Plc, both declined -5.00 percent and -0.13 percent respectively.
“The equities market closed down today following the losses across ALL 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,” InvestmentOne report.
