Diamond Bank Tops Losers’ Chart, Drags NSE Indices Down -0.14%

November 14, 2018

By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian equities market on Wednesday closed negative as it lost by 0.14 percent to 32,108.92 basis points compared to +0.03 percent gain recorded previously, bringing its Year-to-Date (YTD) returns to a loss of -16.04 percent. 

Diamond Bank Plc led the losers chart with a loss of -9.52 percent, while mid-tier lender, Unity Bank Plc with a gain of +8.97 percent emerged the topmost gainer.

FBN Holdings Plc with a gain of +0.67 percent  was the most actively traded with 72 million units of shares worth about N541 million.

InvestmentOne report says that market breadth index was flat with 16 gainers compared 15 stocks that declined.

In terms of sector performance, InvestmentOne reports that the Nigerian Stock Exchange (NSE) Oil & Gas index declined by 1.23 percent due to the sell-offs in the shares of Eterna Plc and Japaul Oil & Maritime Plc; both declined -9.52 percent and -4.76 percent each.

According to the update, the NSE Banking index closed down by 0.30 percent, driven by the losses  in the shares of Diamond Bank Plc and Jaiz Bank Plc; both depreciated -9.52 percent and -9.09 percent apiece, while Zenith Bank Plc and United Bank for Africa Plc dropped by -0.82 percent and -0.62 percent respectively.

On the positive side, the NSE: Consumer Goods index gained 0.05 percent, largely due to buy interests in the shares of Honeywell Flour Mills Plc and beer producer, Nigerian Breweries Plc; both down +6.00 percent and +0.61 percent each.

In the same vein, the NSE Industrial index advanced by 0.02 percent, on the back of the gain in the shares of cement producer, Cement Company of Northern Nigeria Plc which appreciated by +0.56 percent.

“Despite the sell-off in the equities market in the previous quarter, we believe this presents decent entry opportunities in our quality names,” the InvestmentOne update added.

 

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