March 28, 2019
By Paschal IJEH InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market was somewhat flat in Thursday’s trading session, gaining 0.01 percent to 30,833.50basis points, driven by gains reported in the Banking sector, as Year-to-Date (YTD) returns currently stands at a negative -1.90 percent.
InvestmentOne update reports that market breadth index was negative with 14 gainers compared to 17 losers.
According to the report, C & I Leasing Plc emerged the topmost gainer with a gain of +9.90 percent, while insurer, Sovereign Trust Insurance Plc with a loss of -9.09 percent was the worst loser Thursday.
The report says Wema Bank Plc with a gain of +9.59 percent was the most actively traded stock with about 1.7 billion units of shares worth N1.28 billion.
In terms of sector performance, the Nigerian Stock Exchange (NSE) Banking index gained 0.36 percent, following the advancements in the shares of Wema Bank Plc and Guaranty Trust Bank Plc; both appreciated +9.59 percent and +2.50 percent each, while Africa’s global lender, United Bank for Africa Plc and FBN Holdings Plc gained +0.65 percent and +0.62 percent apiece.
On the negative side, the NSE Industrial index lost 1.35 percent, largely on the back of the sell-offs in the shares of cement manufacturer, Cement Company of Northern Nigeria Plc which declined by -5.00 percent.
In the same vein, the NSE Oil & Gas index shed 0.13 percent, due to the decline in the shares of oil marketing major, Oando Plc which dropped by -0.88 percent.
Also, the NSE Consumer Goods index closed down by 0.08 percent, majorly driven by the losses in the shares of soap and detergent producer, PZ Cussons Nigeria Plc and Dangote Flour Mills Plc; both depreciated -5.00 percent and -4.55 percent respectively, food and beverage producer, Cadbury Nigeria Plc and brewer, Nigerian Breweries Plc are both down -2.68 percent and -0.37 percent each.
“The equities market closed somewhat flat today following the gain 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 added.
