Nigerian Stocks Close Positive on Renewed Bargain Hunting, Week-to-Date Down -2.54%

November 30, 2018

By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian equities market on Friday closed the final trading session of the week positive on gains across sector, appreciating 0.86 percent, as week-to-date (WTD)  performance declined by 2.54 percent, according to InvestmentOne market update

The report says that market breadth index was positive with 22 gainers compared to 15 stocks that declined.

First City Monument Bank Plc with a gain of  +9.85 percent emerged the topmost gainer, while on the flip-side,  Chemical & Allied Product Plc with a loss of -9.85 percent led the losers’ chart.

According to InvestmentOne, lender, Diamond Bank Plc with a loss of -1.52 percent was the most actively traded with 121 million units of shares worth about N78 million.

In terms of sector performance, the Nigerian Stock Exchange (NSE) Banking index gained 1.53 percent, due to the advancements in the shares of First City Monument Bank Plc and United Bank for Africa Plc both appreciated +9.85 percent and +6.38 percent each,

Also, FBN Holdings Plc and Access Bank Plc gained +4.41 percent and +3.33 percent apiece, Zenith Bank Plc and and Guaranty Trust Bank both soared +0.87 percent and +0.15 percent respectively.

In the same vein, the NSE Oil & Gas index closed up by 1.52 percent, following the gains in the shares of 11 Plc (former Mobil Nigeria Plc) and Oando Plc; both gained +9.38 percent and +2.17 percent each, while Forte Oil Plc and Total Nigeria Plc went up +1.98 percent and +0.76 percent apiece.

Still on the positive side, the NSE Consumer Goods index advanced by 0.90 percent, on the back of the buy interest in the shares of top tier brewer, Nigerian Breweries Plc and Honeywell Flour Mills Plc; both gained by 4.03 percent and +1.85 percent respectively, while soap and detergent producer, Unilever Nigeria Plc moved  up by +1.01 percent.  

InvestmentOne reports that the NSE Industrial index inched up by 0.14 percent, majorly driven by the shares of cement manufacturer and Nigeria’s most capitalised listed company Dangote Cement Plc which gained by +1.03 percent. 

“The equities market closed up today due to the gains across all sectors. 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 affirmed.

 

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