Nigerian Stocks Up 0.37% Amid Bargain Hunting in Bellwether Counters

October 22, 2018

By InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian equities market on Monday closed the first trading session of the week positive, gaining 0.37 percent following broad interest across value stocks  to close at 32,962.82 basis points as year to date loss drops -13.81 percent. 

Cordros reports as a result, Month-to-Date gain increased to 0.60 percent, while the Year-to-Date losses moderated to -13.81 percent, respectively.

Cement manufacturer, Lafarge Cement Wapco Nigeria Plc with a loss of WAPCO -10.00 percent emerged the worst loser, while soap and detergent maker, Unilever Nigeria Plc with a gain of +8.20 percent led the gainers’ chart.

Top tier lender, Guaranty Trust Bank Plc with a loss -0.82 percent was the most actively traded with 74 million units of shares worth about N2.71billion.

In terms of sector performances, Cordros reports that most sectors closed positive with the  Oil & Gas, Insurance and Banking sectors up +2.93 percent, +0.76 percent and +0.47 percent, while the Consumer Goods  sector inched up +0.39 percent – save for the Industrial Goods that declined -2.68 percent, owing to gains posted in the shares of first dual listed Nigerian oil and gas upstream firm, Seplat Petroleum Development Company Plc and financial services firm Custodian & Allied Plc which surged +4.86 percent and +7.84 percent each.

Top tier lender, Zenith Bank Plc and Unilever Nigeria Plc both appreciated +4.80 percent and +8.20 percent apiece, as well as continued selloffs in the shares of cement producer, Lafarge Cement Wapco Nigeria Plc which lost by -10.00 percent – following the unimpressive nine months  (9-2018 result released last week.

Total volume and value of trades increased by 21.29 percent and 239.85 percent to 257.92 million units and N4.95 billion, respectively, executed in 3,025 deals.  

“Our outlook for equities in the short to medium term remains conservative, amidst brewing political concerns, and the absence of a positive catalyst. However, stable macroeconomic fundamentals remain supportive of recovery in the long term,” the Cordros report affirmed. 

Click here to download full PDF copy of report

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