Nigerian Stocks Rise +0.95% on Bellwether Counters

October 16, 2018

By Peter OBIORA InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian equities market on Tuesday closed the second trading session of the week positive, gaining +0.95% to close at 32,722.18 basis points compared to -0.13 percent decline posted the previous session, as Year-to-Date (YTD) returns currently stands at -14.44 percent. 

InvestmentOne reports that market breadth index was negative with 16 gainers compared to 23 stocks that declined.

 UACN Property Development Company Plc with a gain of +9.94 percent emerged the topmost gainer, while Nigerian glass maker, Beta Glass Plc with a loss of -10.00 percent led the losers’ chart.

According to the report, SUNU Assurances Nigeria Plc was the most actively traded with 500 million units of shares worth about N100 million.

In terms of sector performance, the Nigerian Stock Exchange (NSE) Consumer Goods index advanced by 1.17 percent, due to the gains in the shares of soap and detergent producer, Unilever Nigeria Plc and food and beverage maker, Cadbury Nigeria Plc; both gained +5.58 percent and +3.16 percent each.

Beer producer, Nigerian Breweries Plc and Dangote Flour Mills Plc gained +3.14 percent and +1.27 percent apiece, while Guinness Nigeria Plc surged by +0.64 percent.

In the same vein, the NSE Industrial index gained 0.24 percent, largely driven by the buy interest in the shares of cable maker, Cutix Plc and cement manufacturer, Dangote Cement Plc; both gained +9.73 percent and +2.50 percent respectively.

Also, the NSE Banking index closed up by 0.13 percent on the back of the gains in the shares of FBN Holdings Plc and Jaiz Bank Plc which gained +3.35 percent and +2.00 percent apiece, while top tier lenders, Zenith Bank Plc and United Bank for Africa Plc appreciated by +1.57 percent and +0.61 percent each.

On the flip-side, the NSE Oil & Gas index lost 1.90 percent, majorly due to the sell-offs in the shares of Japaul Oil & Maritime Plc and Oando Plc; both declined by -8.70 percent and -3.85 percent respectively, while first dual listed Nigerian oil and gas upstream firm, Seplat Petroleum Development Company Plc dipped by  -1.59 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.


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