March 26, 2019
By Paschal IJEH InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market on Tuesday marginally declined as the all-share index (ASI) shed 0.01 percent to close at 31,038.86 basis points compared to 0.31 percent loss recorded previously, with Year-to-Date (YTD) returns standing at a negative -1.25 percent.
InvestmentOne update reports that market breadth index was negative with 18 gainers compared to 20 losers.
According to the report, mid tier lender, Wema Bank Plc emerged the worst loser with a loss of -6.25 percent, while food and beverage producer, Cadbury Nigeria Plc with a gain of +9.60 percent led the gainers’ chart.
InvestmentOne says FBN Holdings Plc with a gain of +0.61 percent was the most actively traded stock with about 29 million units of shares worth N243 million.
In terms of sector performance, the Nigerian Stock Exchange (NSE) Consumer Goods Index declined by 0.54 percent, majorly driven by the sell-offs in the shares of top tier brewer, Nigerian Breweries Plc and PZ Cussons Nigeria Plc; both depreciated -3.60 percent and -2.86 percent apiece, while Nestle Nigeria Plc lost by -0.01 percent.
In the same vein, the NSE Banking index lost 0.38 percent, largely on the back of the declines in the shares of lenders, Wema Bank Plc and Pan-African lender, Ecobank Transnational Incorporated (ETI) by -6.25 percent and -3.33 percent respectively, while Union Bank of Nigeria Plc and Africa’s global lender, United Bank for Africa Plc lost -2.13 percent and -0.64 percent apiece, Guaranty Trust Bank Plc dipped by -0.27 percent.
On the gaining side is the NSE Oil & Gas index which closed up by 0.49 percent, due to the buy interests in the shares of oil marketing majors, 11 Plc former (Mobil Nigeria Plc) and Oando Plc; both appreciated +1.80 percent and +1.79 percent each.
Also, the NSE Industrial index appreciated 0.35 percent, following the gain in the shares of Nigeria’s most capitalised listed company and cement producer, Dangote Cement Plc which inched up by +0.80 percent.
“The equities market closed somewhat flat today following the mixed movements among 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 affirmed.
