July 17, 2019

By Paschal IJEH InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian equities market closed negative on Wednesday as the benchmark index lost 0.56 percent to close at 28,042.80 basis points, following losses across all sector.

InvestmentOne report says market breadth index was negative with 26 losers compared to eight  (8) gainers.

According to the report, leading conglomerate in several industries, AG Leventis (Nigeria) Plc with a gain of +10.00 percent led the gainers’ chart, while Construction giant, Julius Berger Nigeria Plc emerged the worst loser with a loss of -9.77 percent. 

Top tier lender, Guaranty Trust Bank Plc with a loss of -1.02 percent was the most actively traded stock with over 77 million units of shares worth about  N2.27 billion.

In terms of sector performance, InvestmentOne reports the Nigerian Stock Exchange (NSE) Banking index closed down by 1.44 percent, following the declines in the shares of mid tier lenders, Unity Bank Plc and Wema Bank Plc; both plunged -9.23 percent and -6.67 percent apiece, while First City Monument Bank and Union Bank of Nigeria Plc depreciated -4.38 percent and -3.65 percent each, Access Bank Plc and Sterling Bank Plc lost by -3.13 percent and -1.83 percent respectively.

In the same vein, the NSE Consumer Goods declined by 0.77 percent, due to the losses in the shares of Honeywell Flour Mills Plc and Flour Mills of Nigeria Plc; both declined -7.07 percent and -4.11 percent apiece, top brewer, Guinness Nigeria Plc dropped by -3.16 percent, while soap and detergent producer Unilever Nigeria Plc lost by -3.03 percent.

Also, the NSE Industrial Goods index lost 0.68 percent, on the back of the sell-offs in the shares of Julius Berger Nigeria Plc and cement manufacturer, Lafarge Cement Wapco Nigeria Plc; both went down -9.77 percent and -2.63 percent respectively, Nigeria’s most capitalised listed company, Dangote Cement Plc plunged by -0.29 percent.

The NSE Oil & Gas Index shed 0.05 percent driven by the losses in the shares of Forte Oil Plc and Total Nigeria Plc; both depreciated -0.80 percent and -0.08 percent each.

“The equities market closed down today due to the losses in all sectors as market sentiment remains weak. Despite the recent losses, we maintain that investors should take positions in quality names with a medium to long time investment horizon,” the InvestmentOne update affirmed.