Bulls Resurface as Nigerian Bourse Up +0.62% on Bellwether Counters

L – R: Shows Adeyemi Cahdide-Johnson, Chairman, Nigeria Mortgage Refinance Company (NMRC); Bola Adeeko, Head, Shared Services Division, The Nigerian Stock Exchange (NSE) and Kehinde Ogundimu, Managing Director/CEO, NMRC during a Closing Gong Ceremony in commemoration of the N11Billion 13.80% Series 2 Fixed Rate Bonds listed on NSE Thursday in Lagos.

January 10, 2019

By InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian equities market on Thursday closed positive on bellwether counters as benchmark index advanced by 0.62 percent to close at 29,517.73 points, compared to –2.33 lost recorded previously; as Year-to-Date (YTD) returns stands at a negative -6.09 percent. 

InvestmentOne reports says that market breadth index was positive with 21 gainers compared to 15 stocks that declined.

According to the Update, insurer, Law Union & Rock Insurance Plc with a gain of +10.00 percent emerged the topmost gainer, while brewer, Guinness Nigeria Plc with a loss of -10.00 percent led the losers’ chart.

Financial services listed firm, Custodian & Allied Plc with a gain of +3.57 percent was the most actively traded with about 120 million units of shares worth N697 million.

InvestmentOne update reports that sector performance on the Nigerian Stock Exchange (NSE) was on the positive side as the Banking index closed up by 2.74 percent, following the gains in the shares of Guaranty Trust Bank Plc and Diamond Bank Plc; both up +6.07 percent and +5.85 percent respectively, Zenith Bank Plc and Fidelity Bank Plc are both up +2.86 percent and +2.11 percent apiece.

In the same vein, the NSE Industrial index gained 2.24 percent, majorly due to the buy interest in the shares of cement manufacturers, Cement Company of Northern Nigeria Plc and Lafarge Cement Wapco Nigeria Plc; both appreciated +4.85 percent and +2.56 percent each, while peer and most capitalised quoted company on the Nigerian bourse, Dangote Cement Plc appreciated by +0.88 percent.

Still on the positive side, the NSE Oil & Gas index advanced by 0.13 percent, on the back of the gain in the shares of oil marketer, Forte Oil Plc which surged +5.46 percent to offset the losses in Oando Plc which declined -2.35 percent.

On the flip-side, the NSE Consumer Goods index shed 1.75 percent, largely driven by the sell-offs in the shares of brewer, Guinness Nigeria Plc which dipped by -10.00 percent and food and beverage maker, Nestle Nigeria Plc which dropped by -3.37 percent.

“The equities market closed up today following the gains in most sectors. Despite the sell-off in the equities market in 2018, we believe this presents decent entry opportunities in our quality names,” the InvestmentOne update added.


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