April 2, 2019
By Paschal Ijeh InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market on Tuesday closed negative as the benchmark index shed 0.99 percent to close at 30,226.77 points, following a rout in the Consumer Goods stocks.
“Thus, the Month-to-Date and the Year-to-Date return decreased to -2.62 percent and -3.83 percent respectively,” Cordros daily market update reported.
According to Cordros, market breadth was negative, with 28 losers and 10 gainers reported; led by Nigerian glass maker, Beta Glass Plc with a loss of -9.95 percent was the worst loser, while insurer, Sovereign Trust Insurance Plc with a gain of +10.00 percent emerged the topmost gainer.
Cordros reports that total volume of trades decreased by 78.14 percent to 376.95 million units, valued at N4.54 billion, and exchanged in 4,018 deals.
In terms of sector performance,the update says the Nigerian Stock Exchange (NSE) Consumer Goods index lost by -3.84 to record the largest loss, following selloffs of heavyweights such as Nigerian Breweries Plc and Nestle Nigeria Plc; both declined -9.68 percent and -3.45 percent each, while soap and detergent producer, Unilever Nigeria Plc dipped by 8.46 percent.
InvestmentOne on its part reports the NSE Oil & Gas index declined by 1.75 percent, following the sell-offs in the shares of oil marketing majors, Forte Oil Plc and Oando Plc; both depreciated -9.93 percent and -7.84 percent apiece.
According to the update, the NSE Banking index shed 1.11 percent, majorly driven by the losses in the shares of top tier lender, Zenith Bank Plc and United Bank for Africa Plc; both dipped -2.74 percent and -2.60 percent respectively, pan African lender, Ecobank Transnational Incorporated and FBN Holdings Plc declined -1.96 percent and -1.25 percent each
On the flip side,the NSE Insurance and Industrial sectors climbed up +0.93 percent and +0.14 percent each; on the back of gains in Nem Insurance Plc and Dangote Cement Plc; both appreciated +4.95 percent and +1.05 percent apiece.
“In the absence of a positive catalyst, we guide investors to trade cautiously in the short term. However, stable macroeconomic fundamentals and compelling valuation remain supportive of recovery in the mid-to-long term,” the Cordros update affirmed
