April 30, 2019
By Paschal IJEH InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market on Tuesday closed negative as the all-share index (ASI) dipped 1.22 percent to 29,159.74 points on losses in Industrial and Consumer Goods names.
InvestmentOne daily update reports that market breadth index was positive with 26 gainers compared to 19 losers.
According to the report, Japaul Oil & Maritime Plc emerged the topmost gainer with a gain of +10.00 percent, while cablemaker, Cutix Plc with a loss of -9.76 percent was the worst loser.
Cement producer, Cement Company of Northern Nigeria Plc with a loss of -8.79 percent was the most actively traded stock with about 132 million units of shares worth about N1.86 billion.
In terms of sector performance, the Nigerian Stock Exchange (NSE) Industrial index shed 3.19 percent, on the back of the losses in the shares of Cutix Plc and Cement Company of Northern Nigeria Plc which lost -9.76 percent and -8.79 percent each, while Nigeria’s most capitalised listed company, Dangote Cement Plc lost by -3.23 percent.
In the same vein, the NSE Consumer Goods index lost 0.67 percent, majorly driven by the declines in the shares of salt refining company, NASCON Allied Industries Plc and food and beverage manufacturer, Nestle Nigeria Plc, both lost –4.74 percent and -1.94 percent apiece, while sugar refiner, Dangote Sugar Refinery Plc and Okomu Palm Oil Plc depreciated -0.71 percent and -0.69 percent each.
On the positive side, the NSE Oil & Gas index rose by 1.50 percent, largely due to the buy interests in the shares of Japaul Oil & Maritime Plc and Caverton Offshore Support Group Plc; both gained +10.00 percent each, Eterna Plc and first dual listed Nigerian oil and gas upstream firm, Seplat Petroleum Development Company appreciated +2.33 percent and +1.23 percent respectively, while 11 Plc (former Mobil Nigeria Plc) gained by +1.14 percent.
The NSE Banking index closed up by 0.08 percent, following the gains in the shares of Jaiz Bank Plc and Access Bank Plc; both gained +8.70 percent and +2.21 percent respectively, Africa’s global Lender, United Bank for Africa Plc and Zenith Bank Plc grew +1.49 percent and +0.95 percent each, while FBN Holdings and First City Monument Bank inched up +0.69 percent and +0.54 percent apiece.
The equities market closed down today following the losses in the Industrial and Consumer Goods 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.
