NSEASI Tanks by -0.19% on Oil & Gas, Banking Shares

LEFT to RIGHT: Ag. Director General SEC, Ms. Mary Uduk, Ag. Executive Commissioner Corporate Services SEC, Mr. Henry Rowlands and Ag. Executive Commissioner Legal and Enforcement SEC, Mr. Reginald Karawusa during the Second Capital Market Committee (CMC) in 2018 held in Lagos, Thursday.

August 9, 2018

By InvestAdvocate

Lagos (INVESTADVOCATE)-The all-share index (ASI) at the Nigerian equities market on Thursday closed the trading session in the red, losing 0.19 percent to 36,232.66 basis points, driven by losses in the Oil & Gas and Banking indices.

Accordingly, the Month-to-Date and Year-to-Date losses moderated to -2.12 percent and -5.26 percent respectively.

InvestmentOne reports that market breadth index on the Nigerian Stock Exchange (NSE) was negative with 12 gainers compared to 22 stocks that declined.

The report says Courteville Business Solutions Plc with a gain  of +10.00 percent emerged the topmost gainer, while Japaul Oil & Maritime Plc with a loss of -10.00 percent  led the losers’ chart.

Africa’s global lender, the United Bank for Africa Plc with a loss of -1.05 percent was the most actively traded with 25.4 million units of shares worth about N243.3 million.

In terms of sector performance, the NSE Oil & Gas index shed 0.68 percent following the losses in the shares of Japaul Oil & Maritime Services Plc and Mobil Nigeria Plc; both declined -10.00 percent and -5.56 percent each.

The NSE Banking index lost 0.22 percent; largely driven by the sell-offs in the share of lenders, Skye Bank Plc and Diamond Bank Plc both down  by -6.56 percent and -4.10 percent apiece, Fidelity Bank Plc and Guaranty Trust Bank Plc both dipped -3.70 percent and -1.50 percent respectively; while Zenith Bank Plc dropped by -0.84 percent.

The  NSE Consumer Goods index majorly on account of the gain in the shares of beer maker, International Breweries Plc with a gain of +1.73 percent shed 0.09 percent; while the  NSE Industrial index closed Flat.

“The equities market closed down today due to the losses in the Oil & Gas and Banking sectors. Despite the sell-off in the equities market in recent times, we believe this presents decent entry opportunities in our quality names,” the InvestmentOne report affirmed.



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