September 3, 2019
By InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market on Tuesday closed in the green as the all-share index (ASI) gained 0.08 percent to close at 27,586.79 basis points on sustained bargain hunting and driven by gain in the shares of MTN Nigeria Plc
InvetsmentOne daily market update reports that in today’s trade, market breadth index was negative with 18 losers compared to13 gainers.
According to the report brewer, International Breweries Plc with a gain of +10.00 percent emerged the topmost gainer, while on the flip-side, Triple Gee & Company Plc was the worst loser with a loss of -9.52 percent.
UAC Property Development Company Plc (UPDC) with a loss of -6.82 percent was the most actively traded stock with about 62 million units of shares worth about N51 million.
In terms of sector performance, InvestmentOne reports that the Nigerian Stock Exchange (NSE) Industrial index was up by 0.08 percent, driven by the gains in the shares of cablemaker, Cutix Plc and cement manufacturer, Lafarge Cement Wapco Nigeria Plc; both appreciated +3.33 percent and +0.35 percent apiece.
The NSE Consumer Goods index lost 0.36 percent, due to the declines recorded in the shares of Dangote Flour Mills Plc and Honeywell Flour Mills Plc; both declined -4.52 percent and -1.96 percent each, Flour Mills of Nigeria Plc and food and beverage producer, Nestle Nigeria Plc lost -1.46 percent and -1.44 percent respectively.
The report says the NSE Banking index went down by 0.34 percent, as a result of the losses witnessed in the shares of lenders, Sterling Bank Plc and Union Bank of Nigeria Plc; both dipped -8.00 percent and -5.71 percent each, while First City Monument Bank and Wema Bank Plc depreciated -1.90 percent -1.67 percent each, Fidelity Bank Plc lost by -1.25 percent.
Still on the losing streak is the NSE Oil & Gas index declined by 0.18 percent, due to the selloff recorded in the shares of oil marketing major, Oando Plc which went down by -1.27 percent.
“The equities market closed up today following the gain in MTNN (+1.08%). We maintain that investors should take positions in quality names with a medium to long time investment horizon as prices remain attractive at current levels,” the InvestmentOne report affirmed.
