April 8, 2019
By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market on Tuesday closed the first trading session of the week in the red, losing 1.53 percent and dragged by the shares of Sterling Bank Plc with a loss of -0.38 percent to emerge the most actively traded stock with about 93 million units of shares worth N242 million.
InvestmentOne update reports that market breadth index was broadly negative with 30 losers compared to 13 gainers.
According to the report, drugmaker, Fidson Healthcare Plc with a loss of -10.00 led the loser’s chart while insurer, Mutual Benefit Assurance Plc with a gain of +10.00 percent was the topmost gainer at the close of the trading session.
In terms of sector performance, InvestmentOne reports the Nigerian Stock Exchange (NSE) Banking index closed down by 2.51 percent, following the sell-offs in the shares of lenders, Union Bank of Nigeria Plc and Stanbic IBTC dropped -7.14 percent and -6.59 percent each, Africa’s global bank, United Bank for Africa Plc and Guaranty Trust Bank Plc; both depreciated -3.23 percent and -2.86 percent apiece, while Fidelity Bank Plc lost by -2.51 percent.
In the same vein, the NSE Industrial index lost 0.88 percent, majorly driven by the shares of Nigeria’s most capitalised listed company and cement producer, Dangote Cement Plc which lost by -1.85 percent.
The NSE Consumer Goods index: retraced by 0.35 percent, on the back of the losses in the shares of Honeywell Flour Mills Plc and Guinness Nigeria Plc; both declined -5.17 percent and -3.92 percent respectively, while Flour Mills of Nigeria Plc dropped by -1.73 percent.
On the negative side, the NSE Oil & Gas index closed up by 0.08 percent following gains in the shares of Eterna Plc and oil marketing major Oando Plc; both appreciated +6.25 percent and +1.01 percent each.
“The equities market closed down today following the losses across most 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,” the InvestmentOne update added.
