April 17, 2019
By Paschal IJEH InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market closed positive on Wednesday as the all-share index (ASI) advanced 0.76 percent to close at 29,970.86 basis points, compared to a 0.85 percent gain posted the previous session, as the Year-to-Date (YTD) returns currently stands at a negative -4.64 percent.
InvestmentOne reports that market breadth index was somewhat flat with 16 gainers compared to 17 losers.
According to the report, tier one lender, Access Bank Plc with a gain of +9.92 percent led the gainers’ chart, while Trans-Nationwide Express (Tranex) Plc with a loss of -9.76 percent emerged the worst loser.
Access Bank with a gain of +9.92 percent was the most actively traded stock with about 39 million units of shares worth N259 million.
In terms of sector performance, InvestmentOne reports the Nigerian Stock Exchange (NSE) Consumer Goods index rose by 2.75 percent, largely due to the gains in the shares of food and beverage producer, Nestle Nigeria Plc and Dangote Flour Mills Plc; both appreciated +5.31 percent and +2.97 percent apiece, while top brewer, Nigerian Breweries Plc and sugar refiner, dangote Sugar Refinery Plc gained +1.33 percent and +0.36 percent respectively.
On the flip-side, the NSE Oil & Gas index declined by 1.40 percent, on the back of the loss in the shares of first dual listed Nigerian oil and gas upstream firm, Seplat Petroleum Development Company Plc which lost by -3.39 percent.
In the same vein, the NSE Industrial index closed down by 0.37 percent, following the declines in the shares of cement manufacturer, Cement Company of Northern Nigeria Plc and Cable maker Cutix Plc; both depreciated -3.55 percent and -0.64 percent each.
Still on the losing side is the NSE Banking index which shed 0.25 percent, majorly driven by the selloffs in the shares of Wema Bank Plc and Guaranty Trust Bank Plc; both declined -5.56 percent and -2.39 percent apiece, while Fidelity Bank Plc dipped by -2.08 percent to offset the gain in Access Bank by +9.92 percent.
“The equities market closed up today following the gains in 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 report added.
