NSEASI Up 0.31% amid Sustained Bargain Hunting, Records +2.92% Week-to-Date

February 8, 2019

By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian equities market closed the last trading session of the week in green gaining 0.31 percent to close at 31,529.92 basis points amid positive investors’ sentiment, as Week-to-Date (WTD) performance was up by 2.92 percent and Year-to-Date (YTD) returns currently stands at a negative +0.32 percent.

InvestmentOne update reports that market breadth index was positive with 34 gainers compared to 11 stocks that declined.

Insurer, Nem Insurance Plc with a gain of +8.70 percent to emerge the topmost gainer while, Interlink Technologies Plc with a loss of -10.00 percent led the losers’ chart.

According to the report, top tier lender, Zenith Bank Plc with a loss of -0.20 percent was the most actively traded stock with about 147 million units of shares worth N3.67 billion.

In terms of sector, Nigerian Stock Exchange (NSE) Oil & Gas index which closed up by 2.57 percent, following the gains in the shares of first dual listed Nigerian oil and gas upstream firm, Seplat Petroleum Development Company Plc and Japaul Oil & Maritime Plc; both surged +5.75 percent and +5.00 percent each, while Eterna Plc gained by +3.30 percent.

In the same vein, the NSE Consumer Goods index advanced by 1.23 percent, on the back of the buy interests in the Dangote Flour Mills Plc and soap and detergent producer, PZ Cussons Nigeria Plc are both up +7.87 percent and +7.52 percent respectively; while Honeywell Flour Mills Plc gained by +7.50 percent.

The update reports that the NSE Banking index: gained 1.21 percent, largely driven by the surges in FBN Holdings Plc and Access Bank Plc; both appreciated +7.38 percent and , +5.56 percent apiece, while Fidelity Bank Plc and United Bank for Africa Plc which rose by +4.26 percent and +4.08 percent each.

On the flip-side, NSE Industrial index closed down by 1.73 percent, majorly due to the losses in the shares of Nigeria’s most capitalised listed company and cement manufacturer, Dangote Cement Plc -2.37 percent.

“The equities market closed up today majorly due to the gains across most sectors. Despite the recent recovery in the equities market, we believe prices are still at decent levels for investors with medium to long term horizon,” the InvestmentOne update affirmed.

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