November 12, 2019

By Paschal IJEH InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian equities market on Tuesday closed positive as the benchmark index appreciated 0.54 percent to  26,456.39 basis points on gains across sectors.

InvestmentOne report that market breadth index was positive with 18 gainers compared to 11 losers.

According to the report, cement manufacturer, Cement Company of Northern Nigeria Plc with a gain of +9.14 percent emerged the topmost gainer, while Ikeja Hotels Plc with a loss of -9.28 percent recorded the worst loss after the trading session on the floor of the Nigerian Stock Exchange (NSE).

In terms of sector performance, the NSE Industrial index rose by 1.85 percent, on the back of the buy interest in the shares of Cement Company of Northern Nigeria Plc and Dangote Cement Plc; both appreciated +9.14 percent and +0.96 percent each.

The NSE Banking index surged by 1.35 percent, as a result of the strong gains recorded in the shares of mid tier lender, Wema Bank Plc and United Bank for Africa Plc; both surged +6.78 percent and +4.55 percent apiece, while Access Bank Plc and Zenith Bank Plc gained +3.80 percent and +1.46 percent each.

Still on the positive side, InvestmentOne update reports the NSE Consumer Goods index increased by 0.33 percent due to the gains in the shares of Laboratory Services Company, Union Diagnostic & Clinical Services Plc and Honeywell Flour Mills Plc; both appreciated +9.09 percent and +4.08 percent each. The NSE Oil & Gas Index closed flat

“The equities market closed positive today following the gains recorded in most sectors. 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 update affirmed.