Nigerian Stocks Inch Up +0.68% on Gains in Banking Counters

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December 4, 2018

By InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian equities market on Tuesday closed the second trading session of the week positive, gaining 0.68 percent to c 31,007.25 basis points compare to -0.24 percent lost recorded previously; bringing Year-to-Date (YTD) returns to a negative -18.92 percent.

InvestmentOne reports that market breadth index was positive with 24 gainers compared to 14 stocks that declined.

The update says that insurer, Axa Mansard Insurance Plc with a gain of +9.89 percent emerged the topmost gainer, while peer, Linkage Assurance Plc with a loss of -9.68 percent led the losers’ chart.

FBN Holdings Plc with a gain of +2.70 percent was the most actively traded with 63 million units of shares worth about N479 million.

In terms of sector performance, the Nigerian Stock Exchange (NSE) Banking index advanced by 2.62 percent, driven by the gains in the shares of Diamond Bank Plc and United Bank for Africa Plc; both appreciated +9.86 percent and +6.67 percent apiece.

Also, Guaranty Trust Bank Plc and FBN Holdings Plc gained +3.75 percent and +2.70 percent respectively, while Zenith Bank Plc and Access Bank Plc climbed up +1.69 percent and +0.67 percent each.

On the flip-side, the NSE Industrial index shed 0.94 percent, on the back of the sell-offs in the shares of cement producer, Lafarge Cement Wapco Nigeria Plc which declined by -4.48 percent.

In the same vein, the NSE Consumer Goods index lost 0.13 percent, following the declines in the shares of soap and detergent maker, Unilever Nigeria Plc and brewer, Nigerian Breweries Plc; the duo dropped -1.00 percent and -0.50 percent each. The report says the NSE Oil & Gas index closed flat.

“The equities market closed up today due to the gain in the Banking sector. 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 report affirmed.

 

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investadvocate