Union Bank, PZ, Cadbury Drives Nigerian Stocks Down 0.09%

November 9, 2018

By InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian equities market closed the last trading session of the week negative, losing 0.09 percent to 32,200.21 basis points as Week-to-Date (WTD) performance advanced by 0.23 percent.

InvestmentOne reports that Friday’s performance was driven by the losses in the shares of soap and detergent maker, PZ Cussons Nigeria Plc and Union Bank of Nigeria Plc; both depreciated -10.00 percent and -8.49 percent each,.

Others that drove the Nigerian stock market down at the close of the session’s trading are oil marketing major, Oando Plc and Dangote Flour Mills Plc ; both declined -7.00 percent and -5.65 percent apiece, while Cadbury Nigeria Plc dropped by  -5.56 percent, which outweighed the gains in the shares of John Holt Plc and Livestock Feeds Plc; both appreciated +10.00 percent and +7.69 percent each, while Nem Insurance Plc and Lasaco Assuarnce Plc gained +7.69 percent and +7.14 percent apiece.

According to the report, in the session’s trade, market breadth index was somewhat flat with 18 gainers compared to 19 stocks that declined.

InvestmentOne says sector performances were mixed with the Industrial sector down -1.07 percent having the worst performance, followed by Banking which dipped by -0.65 percent.

While on the positive side, the Oil & Gas sector with a gain of +1.60 percent and the Consumer Goods index up +0.11 percent closed in the green.

“In terms of activity level, total volume and value declined by 39 percent and 41 percent respectively as investors exchanged 121 million units of shares worth N1.58 billion,” the report said.

Top tier lender, Access Bank Plc with a loss of -1.91 percent  was the most actively traded with 16 million units of shares worth about N131 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 report added.

Click here to read full PDF copy of market report for November 8, 2018

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