July 9, 2019
By Peter OBIORA InvestAdvocate
The Nigerian equities market on Tuesday closed positive as all-share index (ASI) gained 0.11 percent to close at 29,318.85 basis points on gains recorded in the shares of newly listed Airtel Africa (AIRTELAFRI).
InvestmentOne reports that however, market breadth index was negative with 9 gainers compared 20 losers.
According to the report, AIRTELAFRI with a gain of +10.00 percent led the gainers’ chart, while Drugmaker, GlaxoSmithKline Consumer Nigeria Plc with a loss of -9.78 percent was the top loser.
Insurer, Cornerstone Insurance Plc was the most actively traded stock with over 80 million units of shares worth about N16 million.
In terms of sector performance, InvestmentOne reports the Nigerian Stock Exchange (NSE) Banking index closed down by 2.20 percent, following the sell-offs in the shares of mid tier lender, Wema Bank Plc and FBN Holdings Plc; both declined -7.58 percent and -3.15 percent each, Fidelity Bank Plc and Guaranty Trust Plc dipped -3.03 percent and -2.95 percent apiece, while Access Bank Plc lost by -2.22 percent.
The NSE Oil & Gas index fell by 0.67 percent, following the losses in the shares of Conoil Plc and Forte Oil Plc; both plunged -6.93 percent and -5.35 percent respectively.
In the same vein, the NSE Industrial Goods index shed 0.48 percent, on the back of the sell-off in the shares of Nigeria’s most capitalised listed company and cement producer, Dangote Cement Plc which lost by -1.30 percent.
Also, the NSE Consumer Goods declined by 0.40 percent, due to the losses in the shares of GLAXOSMITH and sugar refiner, Dangote Sugar Refinery Plc; both plunged -9.78 percent and -8.26 percent apiece, while Flour Mills Plc dropped by -1.82 percent.
“The equities market inched up today due to the gain in the newly listed Airtel Africa (AIRTELAFRI) stock. Despite the recent losses, we maintain that prices at current level present decent entry opportunities for investors with medium to long term horizon,” the InvestmentOne update added.
