September 21, 2018
Lagos (INVESTADVOCATE)-The Nigerian equities market on Friday closed the last trading session of the week positive, gaining 0.18 percent on buy pressure, as week-to-date (WTD) performance surged by 0.66 percent.
InvestmentOne reports that market breadth index was positive with 23 gainers compared to 15 stocks that declined.
According to the report, Jaiz Bank Plc with a gain of +9.80 percent emerged the topmost gainer, while Axa Mansard Insurance Plc with a loss of -9.71 percent led the losers’ chart.
Top tier lender, Guaranty Trust Bank Plc with a gain of +2.06 percent was the most actively traded with 209 million units of shares worth about N6.71 billion.
In terms of sector performance, InvestmentOne reports that the NSE Consumer Goods index gained 2.00 percent, largely due to the advancement in the shares of soap and detergent maker, PZ Cussons Nigeria Plc with a gain of +8.00 percent, brewers, Nigerian Breweries Plc and International Breweries Plc both appreciated +4.49 percent and +3.17 percent each, while Nestle Nigeria Plc gained by +1.41 percent.
In the same vein, the NSE Oil & Gas index closed up by 1.55 percent, on the back of the gains in the shares of Japaul Oil & Maritime Plc and first dual listed Nigerian oil and gas upstream firm, Seplat Petroleum Development Company Plc; both appreciated by +4.35 percent and +3.67 percent apiece.
The NSE Banking index gained 0.90 percent, following the buy interest in the shares of Jaiz Bank Plc with a gain of +9.80 percent and Unity Bank Plc up by +9.09 percent.
Nigeria’s top tier lenders, the United Bank for Africa Plc, Guaranty Trust Bank Plc and Access Bank Plc; all surged +2.56 percent, +2.06 percent and +1.88 percent respectively.
On the flipside, the NSE Industrial index shed 0.43 percent, majorly due to the loss in the shares of cement manufacturer and Nigeria’s most capitalised listed company, Dangote Cement Plc which depreciated by -2.38 percent.
“Despite the recent sell-off in the equities market, we believe this presents decent entry opportunities in our quality names,” the InvestmentOne update affirmed.