April 16, 2019
By Paschal IJEH InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market closed positive on Tuesday with the all-share index (ASI) up 0.85 percent to close at 29,746.24 points compared to 0.14 percent loss recorded previously, as Year-to-Date (YTD) returns currently stands at a negative -5.36 percent.
InvestmentOne update reports that market breadth index was positive with 21 gainers compared to 10 losers at the close of the session.
Nigeria’s leading identity management and transaction payments systems solution provider, Chams Plc emerged the topmost gainers with a gain of +10.00 percent, while Gen set and Almarine boat firm, John Holt Plc with a loss of -9.62 percent was the top loser.
According to the report, Union Bank of Nigeria Plc with a loss of -0.73 percent was the most actively traded stock with about 134 million units of shares worth N912 million.
In terms of sector performance, the Nigerian Stock Exchange (NSE) Banking index gained 1.66 percent, majorly driven by the buy interest in the shares of lenders, Sterling Bank Plc and United Bank for Africa Plc which gained +5.38 percent and +4.84 percent apiece, while First City Monument Bank and FBN Holdings Plc appreciated +2.76 percent and +2.76 percent each.
In the same vein, the NSE Consumer Goods index rose by 1.56 percent, largely due to the gains in the shares of Dangote Flour Mills Plc and Nestle Nigeria Plc; both surged +9.78 percent and +3.31 percent each, while sugar refiner, Dangote Sugar Refinery Plc gained by +1.45 percent.
The NSE Industrial index closed up by 0.01 percent, following the increase in the shares of paint producer, Berger Paints Plc with a gain of +2.21 percent.
On the flip-side, the NSE Oil & Gas index shed 0.13 percent, on the back of the loss in the shares of oil marketing major, Oando Plc which lost by -1.03 percent.
“The equities market closed up today following the gains in Banking and Consumer names. 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.
