March 1, 2021

By Peter OBIORA InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian equities market on Monday commenced the week on a positive note as the benchmark index closed up  +0.33 percent to close at 39,931.63 basis points, buoyed by Banking, Industrial Goods counters, according to InvestmentOne Report.

The report says at the close of the trading session on the floor of the Nigerian Stock Exchange (NSE), market breadth index was negative with 12 gainers compared to 29 losers.

Leading diversified Company, operating in the Food and Beverage, Real Estate, Paint and Logistics sectors of the economy, UAC of Nigeria Plc with a gain of +6.67 percent led the gainer’s chart, while Salt refining company, NASCON Allied Industries Plc  with a loss of-9.97 percent emerged the worst loser.

According to InvestmentOne, mid tier lender, Wema Bank Plc with a gain of +1.59 percent was the most actively traded stock with about 369 million units of shares worth about N240 million.

In terms of sector performance, the Nigerian Stock Exchange (NSE) Industrial index advanced by 1.47 percent, as a result of gains in the shares of cement producer, BUA Cement Plc with a gain of +3.82 percent.

In the same vein, the NSE Banking index gained 0.25 percent, due to positive sentiment in the shares of Africa global lender, United Bank for Africa Plc (UBA) which appreciated by +2.73 percent, while Wema Bank Plc and Zenith Bank Plc both rose +1.59 percent, and +1.38 percent respectively.

On the flip-side, the NSE Consumer Goods index shed 0.48 percent, on the back of the losses in the shares of sugar refiner, Dangote Sugar Refinery Plc  which lost by -0.83 percent, soap and detergent manufacturers, Unilever Nigeria Plc and PZ Cussons Nigeria Plc also depreciated -1.10 percent and -9.43 percent apiece. 

Similarly, brewers, Guinness Nigeria Plc and Champion Breweries Plc; both declined -0.22 percent and -9.92 percent each. the NSE Oil & Gas index lost 0.10 percent, due to the decline in  the shares of oil marketing major, Oando Plc which dropped by -1.16 percent.

Performance of key stocks

InvestmentOne Research

“The equities market closed up today due to positive sentiment in the Industrial and Banking sectors. While we believe the risk-off sentiment on the back of weak oil price, as well as the impact of the Coronavirus, could continue to weigh in on the equities market, we opine that the equities market still presents decent opportunities for investors chasing positive real return on investments,” the report affirmed.