Nigerian Stocks Close Fourth Trading Session Positive on Consumer Goods Gains

L – R: Show Mr. Abimbola Ogunbanjo, President of the National Council, The Nigerian Stock Exchange (NSE); Dr. (Mrs.) Patience Nohuoma Alile, Wife of Apostle Alile and Mr. Oscar N. Onyema, OON, Chief Executive Officer, NSE during a condolence visit to the family of erstwhile Director-General, Apostle Hayford Alile, OFR.

October 11, 2018

By InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian equities market on Thursday closed the fourth trading session of the week positive, gaining 0.11 percent to at 32,417.82 basis points compared to -0.11 percent depreciation recorded previously, bringing Year-to-Date (YTD) returns to  -15.23 percent.

InvestmentOne reports that market breadth index was negative with 14 gainers compared to 18 stocks that declined.

According to the report, insurer, Niger Insurance Plc with a gain of +10.00 percent emerged the topmost gainer, while environmental consulting services firm, The Initiates Plc with a loss of -9.68 percent led the losers’ chart.

Top tier lender, Guaranty Trust Bank Plc with a loss of -1.08 percent was the most actively traded with 49 million units of shares worth about N1.78 billion.

In terms of sector performance, the Nigerian Stock Exchange (NSE) Consumer Goods index closed up by 0.39 percent, following the buy interest in the shares of Flour Mills of Nigeria Plc and Dangote Sugar Refinery Plc with a loss of +7.60 percent and +1.03 percent, while food and beverage, Nestle Nigeria Plc with a gain of +0.68 percent.

On the negative side, the NSE Oil & Gas index shed 0.61 percent, on the back of the losses in the shares of Forte Oil Plc and Oando Plc; both declined -8.37 percent and -0.99 percent.

In the same vein, the NSE Banking index closed down by 0.59 percent, largely due to the sell-offs  in the shares of lenders, Unity Bank Plc and United Bank for Africa Plc; both down -9.09 percent and -1.83 percent each, Access Bank Plc and First City Monument Bank Limited plunged -1.25 percent and -1.18 percent respectively; while Guaranty Trust Bank Plc with a loss of -1.08 percent.

Still on the decline is the NSE Industrial index which lost 0.03 percent, majorly driven by First Aluminum Nigeria Plc and Cutix Plc depreciating -5.71 percent and -3.78 percent apiece.

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

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