Nigerian Stocks Records +0.23% Week-to-Date Gain, Driven by Bellwether Counters

October 12, 2018

By InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian equities market on Friday closed the last trading session of the week positive, gaining 0.12 percent to 32,456.98 basis points, as week-to-date returns appreciates 0.23 percent on bellwether counters.

InvestmentOne reports that market breadth index was negative with 16 gainers compared to 18 stocks that declined.

Mid tier lender, Wema Bank Plc with a gain of +10.00 percent emerged the topmost gainer, while beer producer, Champions Breweries Plc with a loss of -10.00 percent led the losers’ chart.

According to the report, Honeywell Flour Mills Plc with a decline of -9.93 percent was the most actively traded with 23 million units of shares worth about N30 million.

In terms of sector performance, the Nigerian Stock Exchange (NSE) Consumer Goods index gained 0.34 percent, due to the advancement in the shares of brewers, International Breweries Plc and  Nigerian Breweries Plc; both surged +4.92 percent and +3.53 percent each, soap and detergent makers, Unilever Nigeria Plc and PZ Cussons Nigeria Plc, appreciated +2.35 percent and +0.40 percent respectively.

In the same vein, the NSE Banking index closed up by 0.32 percent, on the back of the gains in the shares of lenders, Wema Bank Plc and Access Bank Plc, both gained  +10.00 percent and +1.27 percent each, while Zenith Bank Plc and Sterling Bank Plc gained +0.68 percent and +0.67 percent apiece.

According to InvestmentOne, the NSE Oil & Gas index gained 0.12 percent, largely driven by the buy interest in the shares of Japaul Oil & Maritime Plc and Oando Plc; both rose +4.35 percent and +1.00 percent each.

On the flip-side, the NSE Industrial index lost 0.06 percent, majorly due to the sell-offs in the shares of cable producer, Cutix Plc which depreciated by -9.93 percent.

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



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