Nigerian Stocks Closes Bearish -0.14%, On Losses Across Sectors

L – R: Shows Abimbola Ogunbanjo, President of the National Council, The Nigerian Stock Exchange (NSE); Ik Alile (son), Dr. (Mrs.) Patience Alile (wife) and Mr. Oscar Onyema, CEO NSE, during the presentation of a replica of the Closing Gong to the Alile family at the ceremony held to honour and bid the erstwhile Director-General of the NSE, Apostle Hayford Alile, farewell at the Exchange on Wednesday in Lagos.

November 7, 2018

By InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian equities market on Wednesday closed the third trading session of the week negative, losing 0.14 percent to  32,108.30 basis points compared to +0.33 percent gain recorded previously, bringing its Year-to-Date (YTD) returns to a negative -16.04 percent. 

InvestmentOne reports that market breadth index was somewhat flat with 18 gainers compared to 17 stocks that declined.

According to the update, insurer, Niger Insurance Plc with a gain of +10.00 percent emerged the topmost gainer, while its peer, AIICO Insurance Plc with a loss of  -9.86 percent led the losers’ chart.

Nigeria’s top tier lender, Zenith Bank Plc with a gain of +0.63 percent  was the most actively traded with 288 million units of shares worth about N6.88 billion.

In terms of sector performance, InvestmentOne reports that the Nigerian Stock Exchange (NSE) Industrial index lost 2.34 percent, majorly due to the sell-offs in the shares of cement producer, Lafarge Cement Wapco Nigeria Plc which lost -9.77 percent.

The NSE Oil & Gas index closed down by 0.16 percent, following the decline in the shares of first dual listed Nigerian oil and gas upstream firm, Seplat Petroleum Development Company Plc which depreciated by -0.31 percent.

In the same vein, the NSE Consumer Goods index declined by 0.09 percent, on the back of the losses in the shares of brewer, Champion Breweries Plc and Dangote Sugar Refinery Plc; both declined -4.61 percent and -3.35 percent apiece, while Flour Mills Nigeria Plc dropped by -1.18 percent.

On the positive side, the NSE Banking index closed up by 0.19 percent, largely driven by the gains in the shares of First City Monument Bank Limited and United Bank for Africa Plc; both up +3.75 percent and +2.56 percent each, Diamond Bank Plc and Zenith Bank Plc appreciated +2.54 percent and +0.63 percent respectively. 

“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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