Nigerian Equities Market Sustain Bullish Momentum on Gains, Driven by Dangote Flour

L – R: Shows Mr. Olumide Bolumole, Head, Listing Business Division, The Nigerian Stock Exchange (NSE) presenting a replica of the closing gong to Mr. Mahmud Tukur, Managing Director/CEO, Eterna Plc during a Closing Gong Ceremony to commemorate its 30th year anniversary at the Exchange on Tuesday in Lagos.

February 12, 2019

By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian equities market continued its bullish run gaining 2.14 percent to 32,462.31basis points compared to +0.81 percent gain recorded previously, as Year-to-Date (YTD) returns currently stands at a positive +3.28 percent at the end of Tuesday’ trading session.

InvestmentOne report says market breadth index was positive with 38 gainers compared to 14 stocks that declined.

According to the report, Dangote Flour Mills Plc with a gain of +10.00 percent emerged the topmost gainer while insurer, Regency Alliance Insurance Plc with a loss of -8.00 percent led the losers’ chart.

Embattled lender, Diamond Bank Plc was the most actively traded stock with about 126 million units of shares worth N304 million.

In terms of sector performance, InvestmentOne reports that the Nigerian Stock Exchange (NSE) Oil & Gas index advanced by 4.12 percent, on the back of the buy interests in shares of oil marketing major, Oando Plc which gained by +7.27 percent, while first dual listed Nigerian oil and gas upstream firm, Seplat Petroleum Development Company Plc appreciated +6.10 percent.

In the same vein, the NSE Consumer Goods index gained 3.99 percent, largely driven by the surges in the shares of Dangote Flour Mills Plc and brewer, Champion Breweries Plc; both appreciated +10.00 percent and +9.88 percent apiece, Flour Mills of Nigeria Plc and food and beverage maker, Nestle Nigeria Plc gained +6.00 percent and +6.00 percent respectively.

Also, the NSE Banking index closed up by 1.30 percent, following the gains in the shares of lenders, Union Bank of Nigeria Plc and Wema Bank Plc; both climbed up +9.60 percent and +9.21 percent apiece; while Fidelity Bank Plc rose by +4.91 percent.

The NSE Industrial index rose by 0.03 percent, majorly due to the improvements in the shares of cement manufacturers, Lafarge Cement Wapco Nigeria Plc and Dangote Cement Plc; both appreciated +4.00 percent and +2.32 percent apiece.

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 added.

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