August 20, 2019
By Paschal IJEH InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market on Tuesday closed negative as benchmark index lost 0.21 percent to close at 27,058.62 points, dragged by late sell-offs on the shares of MTN Nigeria Plc.
“Consequently, the Month-to-Date and Year -to-Date losses worsened to -2.38 percent and -13.91 percent respectively,” according to Cordros daily market update
On its part, InvestmentOne update reports that market breadth index was positive with 27 gainers compared to 10 losers.
According to the report, oil marketing major, Oando Plc with a gain of +10.00 percent emerged the topmost gainer, while cablemaker, Cutix Plc with a loss of -9.62 percent was the worst loser at the end of the trading session on the floor of the Nigerian Stock Exchange (NSE).
Top tier conglomerate, Transnational Corporation of Nigeria Plc with a gain of +10.00 percent was the most actively traded stock with about 44 million units of shares worth about N43 million.
In terms of sector performance, InvestmentOne reports the NSE Banking index rose by 1.88 percent, on the back of the gains witnessed in the shares of top tier lenders, Fidelity Bank Plc and FBN Holdings Plc; both appreciated +9.03 percent and +7.53 percent apiece, Access Bank Plc and Unity Bank Plc gained +6.56 percent and +6.15 percent each.
In the same vein, the NSE Oil & Gas index gained by 0.99 percent, driven by the buy interest in the shares of Oando Plc which soared by +10.00 percent.
The NSE Industrial index was up by 0.56 percent, as a result of the gain in the shares of top cement manufacturers, Lafarge Cement Wapco Nigeria Plc and Dangote Cement Plc; both inched up +0.73 percent and +0.91 percent respectively.
While the NSE Consumer Goods increased by 0.22 percent, due to the rise recorded in the shares of sugar refiner, Dangote Sugar Refinery Plc and food and beverage producer, Nestle Nigeria Plc; both gained +5.21 percent and +0.66 percent each, while beer maker, Nigerian Breweries Plc appreciated by and +0.20 percent.
Total volume of trades decreased by 16.40 percent to 209.62 million units, valued at N3.23 billion and exchanged in 3,743 deals.
“The equities market closed down today following the loss recorded mainly in MTNN (-4.40%). 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.
