Nigerian Equities Market Week-to-Date Performance Up +0.67%, Driven By Oil & Gas Sector

June 14, 2018

By InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian equities market on Thursday closed negative as the Nigerian Stock Exchange all-share index (NSEASI) lost 0.27 percent to close at 38,928.02 points; while week-to-date (WTD) performance closed up by 0.67 percent.

Cordros reports that gains were sustained on the equities market amidst sessions of mixed trading. “Bargain hunting was the theme at the start of the holiday-shortened week, while profit taking ensued at the latter part,” the report said.

According to Cordros, the Year-to-Date (YTD) and Month-to-Date (MTD) returns remained positive at 1.79 percent and 2.16 percent respectively.

The report says the Oil & Gas index with a gain of +3.84 percent was the best performing among the major sector indices, followed by the Insurance and Banking indices, while the Consumer Goods and Industrial Goods indices closed negative.

That was on the back of interests in the shares of Japaul Oil & Maritime Services Plc – which remained this week’s leading stock, also Equity Assurance Plc and Union Bank of Nigeria Plc contributed, as well as profit-taking in the shares of Nigerian Breweries Plc and Berger Paints Nigeria Plc respectively. “Gains are likely to be sustained on the bourse, amidst still-supportive macroeconomic fundamentals,” the report added. 

Following Thursdays trading, InvestmentOne says the market is expected to remain volatile in the absence of positive news flow. “With this said, we highlight that the recent sell-off in the equities market presents an entry opportunity for investors with a medium to longer term horizon,” InvestmentOne affirmed.

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