Nigerian Stocks Decline -0.11%, Driven by Losses in consumer Goods, Oil & Gas Counters

October 10, 2018

By InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian equities market closed the third trading session of the week in the red losing  0.11 percent to 32,382.58 basis points compared to -0.08 percent plunge recorded previously, as Year-to-Date (YTD) returns currently stands at -15.32 percent.

InvestmentOne reports says that market breadth index was positive with 21 gainers compared to 18 stocks that declined.

According to the report, Wednesday’s performance was driven by the losses in the shares of food processing firm, McNichols Consolidated Plc and Transcorp Hotels Plc; both down -9.72 percent and -9.63 percent apiece.

Insurer, Law Union & Rock Insurance Plc and First Aluminum Nigeria Plc; both depreciated -8.77 percent and -7.89 percent respectively.

In the same vein, Prestige Assurance Plc and Chams Plc dipped -7.69 percent and -7.14 percent apiece, which more than offset gains in the shares of Chemical & Allied Products Plc  and Mutual Benefit Insurance Plc; both appreciated +10.00 percent and +7.69 percent each.

Continental Insurance Plc and  Union Diagnostic & Clinical Services Plc; gained +7.19 percent and +7.14 percent respectively.

In terms of sector performances, InvestmentOne reports there were mixed with Consumer Goods down -0.09 percent emerging the worst performer, followed by Oil & Gas which depreciated -0.02 percent to also close in the red region.

The reports say the Industrial and Banking indices gained +0.29 percent and +0.03 percent each to close positive.

According to the update, in terms of activity level, while total volume declined by 19 percent, total value increased by 30 percent as investors exchanged 134 million units of shares worth N1.94 billion respectively.

Lender, First City Monument Bank Limited was the most actively traded with 18 million units of shares worth about N31 million.

“Despite the recent sell-off in the equities market in the previous weeks, we believe this presents decent entry opportunities in our quality names,’ the InvestmentOne report affirmed.

Please click to download the Market Report for Wednesday 10th October 2018

 

 

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investadvocate