Equities Down -0.17% on Losses in Consumer Goods Counters Post Independence Celebration

Deputy Managing Director BGL Group, Mr Chibundu Edozie with his counsel during the Commencement of definite hearing on charges of conspiracy, breach of trust and cheating brought against him and other officials of the company by the FCT Commissioner of Police at the Wuse zone 6 Magistrate Court Abuja on Tuesday.

October 2, 2018

By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian equities market on Tuesday closed the  first trading session of the week and post independence celebration negative, losing 0.17 percent to  close at 32,711.65 basis points on losses recorded in Consumer Goods counters, as Year-to-Date (YTD) returns plunged  -14.46 percent.

InvestmentOne reports that market breadth index was negative with 15 gainers compared to 17 stocks that declined.

According to the report, oil marketing major, Forte Oil Plc with a gain of +6.73 percent emerged the topmost gainer,  while foremost conglomerate, AG Leventis Nigeria Plc with a loss of -9.76 percent led the losers’ chart.

First City Monument Bank Limited with gained +2.25 percent and was adjudged the most actively traded stock with 33 million units of shares worth about N59 million.

In terms of sector performance, InvestmentOne reports that the Nigerian Stock Exchange (NSE) Industrial index closed up marginally by 0.62 percent, majorly driven by the shares of cement producer, Lafarge Cement Wapco Nigeria Plc with surged +3.60 percent.

The NSE Oil & Gas index rose by 0.36 percent, following the buy interest in the shares of Forte Oil Plc which appreciated by +6.73 percent.

In the same vein, the NSE Banking index gained 0.06 percent, due to the advancement in the shares of Fidelity Bank Plc and First City Monument Bank Limited; both climbed up +5.88 percent and +2.25 percent apiece; while mid-tier lender, Wema Bank Plc rose by +1.75 percent.

On the flipside, the NSE Consumer Goods index declined by 0.13 percent, on the back of the losses in the shares of brewer, Guinness Nigeria Plc and Dangote Sugar Refinery Plc; both plunged -2.44 percent and -2.11 percent each; while Flour Mills of Nigeria Plc and Nestle Nigeria Plc lost by -1.25 percent and -0.07 percent respectively.

“Despite the recent sell-off in the equities market, we believe this presents decent entry opportunities in our quality names,” the InvestmentOne report said.

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