May 13, 2019
By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market on Monday opened the week on a negative note as all-share index (ASI) lost 1.26 percent to close at 28,484.44 basis points; and driven by losses in all sectors.
InvestmentOne update reports that market breadth index was negative with 11 gainers compared to 30 losers.
According to the report, Okomu Oil Palm Plc with a gain of +10.00 percent led the gainers chart, while Nigeria’s leading identity management and transaction payments systems solution provider, Chams Plc with a loss of -10.00 percent emerged the worst loser at the close of the session’s trading on the floor of the Nigerian Stock Exchange (NSE)
The report says UAC of Nigeria Plc with a gain of +0.72 percent was the most actively traded stock with about 41 million units of shares worth about N289 million.
In terms of sector performance, InvestmentOne reports the NSE Banking index shed 2.80 percent, majorly driven by the sell-offs in the shares of top tier lenders, United Bank for Africa Plc and Access Bank Plc; both plunged -7.69 percent and -5.63 percent each, First City Monument Bank and Stanbic went down -5.56 and -4.24 percent respectively, Guaranty Trust Bank and Zenith Bank Plc declined by -3.13 percent and -1.50 percent apiece, while Sterling Bank Plc and Fidelity Bank Plc plunged -1.12 percent and -0.54 percent each.
In the same vein the NSE Consumer Goods Index lost 1.57 percent, following the declines in the shares of food and beverage producer, Cadbury Nigeria Plc and May & Baker; both decline -4.55 percent and -4.35 percent respectively, beer producer, Guinness Nigeria Plc and sugar refiner, Dangote Sugar Refinery Plc; both lost 2.91 and -1.43 percent, while Nigerian Breweries Plc declined -0.46 percent.
Un the same vein, the NSE Oil & Gas index declined by 1.05 percent, due to the losses in the shares of 11 Plc former (Mobil Nigeria Plc) and Oando Plc; both depreciated -4.62 percent and (-3.12 percent apiece.
While the NSE Industrial index closed down by 0.15 percent, on the back of the fall in the shares of Dangote Cement Plc which depreciated by -0.28 percent.
“The equities market closed down today following the losses in all sectors. However, we still maintain that prices at current level presents decent entry opportunities for investors with medium to long term horizon,” the InvestmentOne update said.
