May 28, 2019
By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market on Tuesday closed positive as the all-share index (ASI) gained 3.68 percent to close at 31,307.00p points on gains across all sectors and ahead of Wednesday’s presidential inauguration holiday.
InvestmentOne reports similarly, market breadth index was positive with 30 gainers compared to six (6) losers.
According to the report, pan African lender, Ecobank Transnational Incorporated with a gain of +10.00 percent emerged the topmost gainer, while Eterna Plc with a loss of –8.75 percent was the worst loser today.
Top tier lender, Guaranty Trust Bank Plc with a gain of +5.43 percent was the most actively traded stock with over 67.12 million units of shares worth over N2.14 billion.
In terms of sector performance, InvestmentOne reports that the Nigerian Stock Exchange (NSE) Banking index closed up 6.76 percent, driven by the gains recorded in Ecobank Transnational Incorporated, United Banbk for Africa Plc; both appreciated +10.00 percent and +9.65 percent each, Access Bank Plc and Zenith Bank Plc also surged +9.48 percent and +9.11 percent apiece, Guaranty Trust Bank Plc and First City Monument Bank climbed up +5.43 percent and +1.85 percent respectively, while Stanbic IBTC gained by and +0.48 percent.
Still on the positive side is the NSE Oil & Gas index which gained 3.97 percent due to the buy interests in the shares of oil marketing major, Oando Plc and Japaul Oil & Maritime Plc both appreciated +8.14 percent and +7.14 percent respectively, while first dual listed Nigerian oil and gas upstream firm, Seplat Petroleum Development Company and Forte Oil Plc moved up +5.75 percent and +2.00 percent apiece.
In the same vein, the NSE Industrial index advanced by 3.42 percent, due to gains in the shares of cement producers, Dangote Cement Plc and Lafarge Cement Wapco Nigeria Plc, the duo gained +5.00 percent and +4.50 percent each.
Also, the NSE Consumer Goods index rose by 2.24 percent, following the advancements in the shares of Salt refining company, NASCON Allied Industries Plc and food and beverage maker, Nestle Nigeria Plc; both appreciated +5.29 percent and +3.57 percent respectively, while brewing giant, Nigerian Breweries Plc and Dangote Sugar Refinery Plc climbed up +3.45 percent and +0.37 percent each.
“The equities market closed up today driven by the gains across all sectors. However, we still maintain that prices at current level present decent entry opportunities for investors with medium to long term horizon,” the InvestmentOne update added.
