June 24, 2020
By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market on Wednesday lost -0.38 percent to close at 24,655.05 basis points; dragged by Oil & Gas and the Consumer Goods counters.
InvestmentOne reports that after the session’s trade, market breadth index was negative with 22 losers compared to 17 gainers.
According to the update, soap and detergent producer, PZ Cussons Nigeria Plc with a loss of -10.00 percent emerged the worst loser, while Nigeria’s leading identity management and transaction payments systems solution provider, Chams Plc with a gain of +9.52 percent recorded the topmost gain.
FBN Holdings Plc with a marginal gain of +0.95 percent was the most actively traded stock with about 44 million units of shares worth about N241 million.
In terms of sector performance, the Nigerian Stock Exchange (NSE) Oil & Gas index declined by 4.11 percent due to the negative sentiments in the shares of first dual listed Nigerian oil and gas upstream firm, Seplat Petroleum Development Company which plunged by -9.98 percent.
In the same vein, the NSE Consumer Goods index fell by 1.63 percent, due to the losses reported by which dropped -10.00 percent, while brewers, International Breweries Plc and Guinness Nigeria Plc; both depreciated -9.89 percent and -9.09 percent respectively, Manufacturer of foam furniture and furnishings, Vitafoam Nigeria Plc and Flour Mills of Nigeria Plc lost -5.36 percent and -1.00 percent apiece.
On the flip-side, the NSE Banking index rose by 0.24 percent, as a result of the buy-interests in the shares of Unity Bank Plc and Fidelity Bank Plc; both gained +7.41 percent and +2.89 percent each, while Wema Bank Plc and Jaiz Bank Plc appreciated +1.85 percent and +1.69 percent respectively, Pan-African lender, Ecobank Transnational Incorporated rose by +1.08 percent. The NSE Industrial index closed Flat.
Performance of key stocks
S/N | Stock | Current Price (N) | 1-day change (%) | Week to date change (%) |
1 | ACCESS | 6.60 | -0.75% | -2.22% |
2 | DANGCEM | 130.00 | 0.00% | 0.00% |
3 | FBNH | 5.30 | 0.95% | 0.00% |
4 | FIDELITYBK | 1.78 | 2.89% | 0.56% |
5 | GUARANTY | 22.70 | -0.22% | -1.94% |
6 | MTNN | 118.00 | 0.00% | 1.64% |
7 | UBA | 6.30 | 0.00% | -1.56% |
8 | SEPLAT | 386.00 | -9.98% | -9.98% |
9 | ZENITHBANK | 16.40 | 0.92% | 1.55% |
10 | OKOMUOIL | 64.00 | 0.00% | 0.00% |
Source: InvestmentOne Research
“The equities market closed down due to the negative sentiments in Oil & Gas and Consumer Goods sectors. While we believe the risk-off sentiment on the back of weak oil price as well as the impact of Coronavirus could continue to weigh in on equities market, we opine that this may be one of the best periods to start picking some of the quality names with a medium to long term investment horizon,” InvestmentOne report added.
