April 1, 2019
By Paschal IJEH InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market on Monday closed the first trading session of the month in the negative zone, losing -1.64 percent to 31,041.42basis points compared to a gain of 0.67 percent recorded previously, as Year-to-Date (YTD) returns currently stands at a negative -2.86 percent.
“Unsurprisingly, market breadth index was negative with 12 gainers against 19 losers,” InvestmentOne daily market update said.
According to the report, food processing and packaging company, McNichols Consolidated Plc with a gain of +10.00 percent emerged the topmost gainer, while laboratory services company, Union Diagnostic & Clinical Services Plc with a loss of -10.00 percent was the worst loser.
Mid tier lender, Wema Bank Plc with a loss of -9.09 percent was the most actively traded stock with about 1.46 billion units of shares worth N1.05 billion.
According to InvestmentOne, the Nigerian Stock Exchange (NSE) Consumer Goods index lost 4.92 percent, on the back of the declines in the shares of Dangote Flour Mills Plc and Nestle Nigeria Plc; both declined -9.80 percent and -8.23 percent respectively, beer producer, Nigerian Breweries Plc dropped by -5.23 percent.
In the same vein, the NSE Industrial index closed down by 3.00 percent, following the losses in the shares of Nigerian glass maker, Beta Glass Plc and cement manufacturer, Cement Company of Northern Nigeria Plc, both depreciated -9.94 percent and -9.80 percent apiece.
Still on the losing side, is the NSE Oil & Gas index which declined by 1.38 percent, following the sell-off in the shares of oil marketing major, Oando Plc and Eterna Plc, both plunged -9.73 percent and -9.43 percent respectively.
The NSE Banking index shed 0.43 percent, majorly driven by the losses in the shares of Wema Bank Plc and Fidelity Bank Plc which dipped -9.09 percent and -7.77 percent apiece, pan African lender, Ecobank Transnational Incorporated and FBN Holdings Plc dropped 3.41 percent and -2.44 percent each.
“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,” the NSE update affirmed.
