YTD Loss Hit 16.27 % Amid Sustained Profit Taking Activity

L – R: Shows Ms. Tinuade Awe, Executive Director, Regulation, NSE presenting a replica of the closing gong to Mr. Baker Banguda, MD/Chief Executive Officer, Guinness Nigeria Plc during a Closing Gong Ceremony in commemoration of the new CEO at the Exchange on Thursday.

September 13, 2018

By InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian equities market on Wednesday closed the fourth trading session of the week negative, losing 0.84 percent amid sustained profit taking activity; while while the year-to-date (YTD) loss of all-share index (ASI) ballooned to 16.27 percent, Cowry Asset reports.

Similarly, market breadth index was negative with 9 gainers compared to 26 stocks that declined. Furthermore, market capitalisation decreased by N98 billion to close at N11.79 trillion.

InvestmentOne reports that at the close of the trading session on the floor of the Nigerian Stock Exchange (NSE), lender, Skye Bank Plc with a gain of +9.84 percent emerged the topmost gainer, while cement producer, Lafarge Cement Wapco Nigeria Plc with a loss of -10.00 percent led the losers’ chart.

Nigeria’s top tier lender, the Guaranty Trust Bank Plc with a gain of +1.07 percent was the most actively traded with 28 million units of shares worth about N930 million.

In terms of sector performance, the NSE Industrial index lost 3.34 percent, due to the sell-offs in the shares of cement manufacturers, Lafarge Cement Wapco Nigeria Plc and Cement Company of Northern Nigeria Plc; both depreciated -10.00 percent and -9.87 percent apiece.

The NSE Consumer Goods index shed 2.31 percent, following the losses in the shares of Honeywell Flour Mills Plc and food and beverage maker Nestle Nigeria Plc; declined -8.63 percent and -5.48 percent, while Dangote Flour Mills Plc and Dangote Sugar Refinery Plc; both also dropped -4.76 percent and -2.11 percent.

In the same vein, the NSE Oil & Gas index declined by 0.72 percent, largely driven by oil marketing majors, Conoil Plc and Forte Oil Plc lost by -9.88 percent and -7.41 percent each; while Japaul Oil & Maritime Plc plunged -4.35 percent.

According to InvestmentOne update, the NSE Banking index was somewhat flat at 0.01 percent, due to the gains in the shares of mid tier lenders, Skye Bank Plc and Unity Bank Plc; both up +9.84 percent and +8.97 percent respectively, while Guaranty Trust Bank Plc gained +1.07 percent which offset the losses in the shares of Access Bank Plc and Diamond Bank Plc ; both plunged -5.00 percent and -3.25 percent each, FBN Holdings Plc dipped by -1.23 percent.  

“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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