May 7, 2019
By Paschal IJEH InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market on Tuesday closed the second trading day of the week in red as the all-share index (ASI) lost 0.34 percent to close at 29,096.41 points on Losses across sectors.
InvestmentOne reports that market breadth index was negative with 32 losers compared to 11 gainers.
According to the report, Dangote Flour Mills Plc with a loss of -9.86 percent emerged the topmost loser, while Nigerian glass maker, Beta Glass Plc with a gain of +10.00 percent led the gainers’ chart.
The report says Courteville Business Solutions Plc with a gain of +8.33 percent was the most actively traded stock with about 106 million units of shares worth about N26.8 million.
In terms of sector performance, InvestmentOne reports that the Nigerian Stock Exchange (NSE) Oil & Gas index shed 0.66 percent, majorly driven by the losses in the shares of Japaul Oil & Maritime Plc and Oando Plc; both lost -8.33 percent and -5.15 percent each, while Caverton Offshore Support Group Plc declined by -0.67 percent.
The NSE Banking index closed down by 0.54 percent following the decline in the shares of lenders, Fidelity Bank Plc and Union Bank of Nigeria Plc, both lost -4.21 percent and -2.14 percent apiece, Zenith Bank Plc and United Bank for Africa Plc dipped -1.67 percent and -1.49 percent respectively, while Wema Bank Plc depreciated by -1.37 percent.
In the same vein, the NSE Consumer Goods index declined by 0.54 percent, on the back of the losses in the shares of Dangote Flour Mills Plc and Cadbury Nigeria Plc, the duo plunged -9.86 percent and -9.32 percent each, Okomu Oil Palm Plc and Dangote Sugar Refinery Plc lost -2.78 percent and -1.79 percent respectively, while Flour Mills of Nigeria Plc and beer producer, Nigerian Breweries Plc dipped -0.31 percent and -0.08 percent apiece.
On the positive side, the NSE Industrial index gained 0.34 percent, due to the advancements in the shares of Beta Glass Plc and cablemaker, Cutix Plc; both gained +10.00 percent and +0.54 percent respectively.
‘The equities market closed down today following the losses in most sectors. However, we still maintain that prices at current level presents decent entry opportunities for investors with medium to long term horizon,” the InvestmentOne report added.
