NSE Losses First Weekly Trading Session on Sell-Offs Across Sectors

June 19, 2018
By InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market on Tuesday closed the first trading session of the week in the red as Nigerian Stock Exchange all-share index (NSE-ASI) lost 0.68 percent to close at 38,664.15 points on sell-offs.
At the close of the session’s trading on the domestic bourse, InvestmentOne reports that market breadth index was negative with 12 gainers compared to 34 stocks that declined.
According to the report, beer producer, International Breweries Plc gained +6.58 percent to emerge the topmost gainer; while insurer, Prestige Assurance Plc led the losers chart with a loss of -6.25 percent.
Pan African lender, United Bank for Africa Plc with a gain of +3.64 percent emerged the most actively traded with 123 million units of shares worth N1.3 billion.
In terms of sector performance, the NSE Banking index shed 2.25 percent following the sell-off in the shares of Fidelity Bank Plc and FCMB Plc by -4.85 percent and -4.78 percent each; while Union Bank of Nigeria Plc and UBA lost -4.03 percent and UBA -3.64 percent respectively.
In the same vein, the  NSE Oil & Gas index closed down by 0.70 percent on the back of the losses in the shares of oil marketing majors, Conoil Plc, Forte Oil Plc and Oando Plc; the trio declining -6.25 percent, -4.87 percent and -2.92 percent apiece.
The NSE Industrial index: declined by 0.43 percent resulting from the losses in  the shares of cement manufacturers, Cement Company of Northern Nigeria Plc and Lafarge Cement Wapco Nigeria Plc by -5.45 percent and -0.26 percent.
On the positive side, the NSE Consumer Goods index gained 0.06 percent due to the gains in the shares of beer producers, International Breweries Plc by +6.58 percent and Nigerian Breweries Plc +0.09 percent.
“Going forward, we expect the market 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,” the InvestmentOne report affirmed.

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