Nigerian Stocks Open Week Positive +0.12%, Driven by Gains in Dangote Cement

August 20, 2018

By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian equities market on Monday opened the week positive appreciating 0.21 percent on  gains in Industrial Goods counters.

InvestmentOne reports 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 21 stocks that declined.

Newrest ASL Nigeria Plc with a gain of +8.99 percent emerged the topmost gainer, while UAC Property Development Company Plc  with a loss of -8.19 percent led the losers’ chart.

Africa’s global lender, the United Bank for Africa Plc with a loss of -2.40 percent is the most actively traded stock with 43 million units of shares worth about N355 million.

In terms of sector performance, the InvestmentOne reports the NSE Industrial index closed up by 2.36 percent, majorly on account of the gains in the shares of Nigeria’s most capitalised listed company and cement manufacturer, Dangote Cement Plc which appreciated by +4.32 percent. 

According to the update, the  NSE Banking index shed 2.65 percent, largely driven by the shares of Zenith Bank Plc and Guaranty Trust Bank Plc both down by -3.10 percent and -2.76 percent apiece. Mid-tier lender, Unity Bank Plc and United Bank for Africa Plc both depreciated by -2.47 percent and -2.40 percent each; while FBN Holdings Plc declined by -2.04 percent.

The NSE Consumer Goods index closed down by 1.37 percent, following the sell-offs in the shares of Honeywell Flour Mills Plc and soap and detergent maker, PZ Cussons Nigeria Plc both dropped -7.59 percent and -7.12 percent each. While, Unilever Nigeria Plc and beer maker, Nigerian Breweries Plc both depreciated by -4.55 percent and -2.91 percent apiece.

In the same vein, the NSE Oil & Gas index lost 0.41 percent, on the back of the decline in the shares of oil marketing majors, Oando Plc and Forte Oil Plc both down -3.06 percent and -0.65 percent respectively. 

“The equities market closed up today majorly due to the gain in Industrial names. Despite the sell-off in the equities market in recent times, we believe this presents decent entry opportunities in our quality names,” the InvestmentOne report affirmed.

 

 

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