Nigerian Equities Close Bullish, Inches Up +0.44% on Bellwether Counters

Oscar Onyema, Chief Executive Officer, Nigerian Stock Exchange

October 25, 2018

By InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian equities market on Tuesday closed on a bullish note, as benchmark index inched up by +0.44 percent to close at 32,545.06 basis points and driven by the activities in bellwether names, bringing its Year-to-Date (YTD) returns to a negative -14.90 percent.

InvestmentOne reports that market breadth index was flat with 19 gainers compared to 19 stocks that declined.

According to the report, Thursday’s performance was driven by the gains in the shares of Jaiz Bank Plc and Royal Exchange Plc; both appreciated +10.00 percent apeice, while  oil marketing firm Total Nigeria Plc and lender, Diamond Bank Plc also gained +8.20 percent and +7.19 percent each.

Insurer, Hallmark Insurance Plc gained by +7.14 percent, which more than outweighed the losses in the shares of Nigeria’s leading conglomerate in several industries, AG Leventis (Nigeria) Plc and Nigerian glass maker, Beta Glass Plc, both plunged –10.00 percent respectively, cable maker, Cutix Plc went down by -9.78 percent.

The update says sector performance were mixed with Consumer Goods index posting a gain of +1.61 percent to emerge the best performer. While the Oil & Gas index with a marginal appreciation of +0.65 percent also closed in the green region. On the flip-side are the Industrial and Banking indices which closed negative 0.73 percent and 0.33 percent apiece.

In terms of activity level, while total volume decreased by 8 percent, total value increased by 57 percent as investors exchanged 350 million units of shares worth N3.67 billion.

Lender, First City Monument Bank with a gain of +1.94 percent was the most actively traded with 180 million units of shares worth about N280 million.

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


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