Stocks Open Week Negative on Selloffs

September 10, 2018

By InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian equities market on Monday closed the first trading session in of the week in red, as the all share index (ASI) lost 1.25 percent on selloffs across sectors.

InvestmentOne reports that market breadth index was negative with 11 gainers compared to 21 stocks that declined.  

Sunu Assurance Nigeria Plc with a gain of +10.00 percent was the topmost gainer at the close of business on the Nigerian Stock Exchange (NSE); while beverage maker, Nestle Nigeria Plc with a loss of -9.67 percent led the losers’ chart.

Lender, Diamond Bank Plc was the most actively traded with 30 million units of shares worth about N40 million.

In terms of sector performance, the InvestmentOne report says NSE Consumer Goods index shed 3.69 percent, due to the losses in the shares of Nestle Nigeria Plc by -9.67 percent and beer producer, Nigerian Breweries Plc down by -0.43 percent. 

The NSE Banking index closed down by 1.25 percent, on account of the losses in  the shares of Wema Bank Plc and Zenith Bank Plc; both depreciated by -3.51 percent and -1.91 each, Access Bank Plc and Guaranty Trust Bank Plc declined -1.66 percent and -1.43 percent apiece; while United Bank for Africa Plc dropped by -1.27 percent. 

In the same vein, the NSE Oil & Gas index lost 0.52 percent, largely driven by the sell-offs in the shares of Forte Oil Plc and Japaul Oil & Maritime Plc both declined -9.29 percent and -7.69 percent respectively. The NSE Industrial index closed flat.

“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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