Stocks Halt Bearish Run, Close Positive as Week-to-Date Down -5.02%

September 14, 2018

By InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian equities market on Friday closed the last trading session of the week positive, gaining 0.95 percent, as week-to-date (WTD) was down by 5.02 percent.

InvestmentOne reports that market breadth index was positive with 21 gainers compared to 16 stocks that declined.

The report says that beer producer, Nigerian Breweries Plc with a gain of +9.99 percent emerged the topmost gainer, while cement manufacturer, the Cement Company of Northern Nigeria Plc with a loss of -9.96 percent led the losers’ chart.

Nigeria’s top tier lender, the Guaranty Trust Bank Plc with a gain of +5.46 percent was the most actively traded with 69 million units of shares worth about N2.30 billion.

In terms of sector performance, InvestmentOne reports that the Nigerian Stock Exchange (NSE) Banking index gained 2.79 percent, following the buy interest in the shares of Unity Bank Plc and Guaranty Trust Bank Plc both up +9.41 percent and +5.46 percent respectively.

Africa’s global bank, the United Bank for Africa Plc and Access Bank Plc appreciated by +3.50 percent and +2.63 percent each, while Zenith Bank Plc surged +2.30 percent.

The NSE Consumer Goods index closed up by 0.56 percent, due to the gains in Nigerian Breweries Plc and Honeywell Flour Mills Plc; both up +9.99 percent and +9.45 percent apiece.

On the flipside, the NSE Industrial index declined by 0.46 percent, largely driven by losses in the shares of Cement Company of Northern Nigeria Plc by -9.96 percent. The NSE Oil & Gas 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 said.

 

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