NSEASI Dips -0.78% on Losses Recorded in Banking, Industrial Counters

November 21, 2018

By InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian equities market on Wednesday closed the second trading session of the week negative, down -0.78 percent to 31,969.79 basis points compared to +0.51 percent gain reported previously and bringing Year-to-Date (YTD) returns to a negative -16.40 percent on losses in the Banking and Industrial Goods sectors.

InvestmentOne reports that market breadth index was negative with 10 gainers compared to 22 stocks that declined.

The report says 11 Plc  former (Mobil Nigeria Plc) with a gain of +10.00 percent emerged the topmost gainer, while mid-tier lender, Unity Bank Plc with a loss of -8.60 percent led the losers’ chart.

Oil marketing major, Oando Plc was the most actively traded with 58 million units of shares worth about N298 million.

In terms of sector performance, the Nigerian Stock Exchange (NSE) Industrial index declined by 2.58 percent due to the sell-offs in the shares of cement producers, Lafarge Cement Wapco Nigeria Plc and Dangote Cement Plc; both depreciated -6.25 percent and -1.72 percent each, while the Cement Company of Northern Nigeria Plc lost by -1.36 percent.

In the same vein, the NSE Banking index closed down by 1.55 percent, driven by the losses  in the shares of Unity Bank Plc and Jaiz Bank Plc; both dipped -8.60 percent and -8.16 percent respectively.

Lenders, Diamond Bank Plc and Guaranty Trust Bank declined -3.37 percent and -2.98 percent apiece. While Access Bank Plc and Zenith Bank Plc dropped by -0.65 percent and -0.41 percent each.

On the positive side, the NSE Oil & Gas index gained 1.10 percent, largely due to buy interest in the shares of 11 Plc which appreciated by +10.00 percent.

Still on the positive side is the NSE Consumer Goods index which advanced by 0.18 percent on the back of the gains in the shares of Flour Mills Nigeria Plc and beer producer, International Breweries Plc; both appreciated +3.33 percent and +1.82 percent apiece.

“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 update affirmed.

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