Nigerian Stocks Open Week in Green, Inch Up +0.80% on Gains Across Sectors

February 11, 2019

By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian equities market on Monday continued its winning streak from last week, as it closed the first trading session of this week in green, gaining 0.80 percent to 31,781.87basis points compared to +0.31 percent gain recorded previously; as Year-to-Date (YTD) returns currently stands at positive +1.12 percent.

InvestmentOne reports says that market breadth index was positive with 41 gainers compared to 10 stocks that declined.

According to the report, food and beverage maker, Cadbury Nigeria Plc with a gain of +10.00 percent emerged the topmost gainer, while C & I Leasing Plc with a loss of -9.96 percent led the losers’ chart.

The report says tier one lender, Access Bank Plc with a gain of +5.26 percent was the most actively traded stock with about 102 million units of shares worth N700 million.

In terms of sector performance, the Nigerian Stock Exchange (NSE) Banking index closed up by 1.90 percent, following the gains in the shares of lenders, First City Monument Bank and Fidelity Bank Plc; both appreciated +9.05 percent and +8.16 percent apiece, Wema Bank Plc gained by +7.04 percent.

In the same vein, the NSE Oil & Gas index advanced by 0.58 percent, on the back of the buy interests in the shares of oil marketing major and first dual listed Nigerian oil and gas upstream firm, Oando Plc and Seplat Petroleum Development Company Plc; both climbed up +10.00 percent and +0.89 percent each.

Also, the NSE Consumer Goods index gained 0.42 percent, largely driven by the surges in the shares of Cadbury Nigeria Plc and Dangote Flour Mills Plc; both rose +10.00 percent and +9.49 percent respectively, while soap and detergent producers, Unilever Nigeria Plc and PZ Cussons Nigeria Plc appreciated +5.41 percent and +3.70 percent each.

Still on the positive side, the NSE Industrial index closed up by 0.31 percent, majorly due to the gains in the shares of Nigerian glass maker, Beta Glass Plc and paint manufacturer, Berger Paints Nigeria Plc; both gained +9.55 percent and +1.35 percent apiece and cement producer, Cement Company of Northern Nigeria Plc rose by +0.23 percent.

“The equities market closed up today majorly due to the gains across ALL 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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