NSEASI Declines -0.48% on Losses in Banking, Industrial Counters

March 14, 2019

By InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian equities market on Thursday closed the fourth trading session of the week in red, losing 0.48 percent and driven by losses in Banking and Industrial counters.  

InvestmentOne update reports that market breadth index was negative with 9 gainers compared to 20 losers.

The report says Learn Africa Plc with a loss of -9.66 percent emerged the topmost loser, while food processing and packaging company, McNichols Consolidated Plc with a loss of +9.6 percent led the gainers’ chart.

Top tier lender, Zenith Bank Plc with a loss of -0.89 percent was the most actively traded stock with about 81 million units of shares worth N1.8 billion.

In terms of sector performance, the Nigerian Stock Exchange (NSE) Industrial index dipped by 0.52 percent, on the back of the losses in the shares of Nigeria’s most capitalised listed company and cement manufacturer, Dangote Cement Plc which lost by -1.04 percent.

In the same vein, the NSE Banking index shed 0.37 percent, following the sell-offs in the shares of First City Monument Bank and FBN Holdings Plc; both dipped -2.00 percent and -1.20 percent each, Zenith Bank Plc and Guaranty Trust Bank Plc depreciated  -0.89 percent and -0.84 percent apiece, while Access Bank Plc dropped by -0.83 percent.

 On the positive side, the NSE Oil & Gas index gained 0.13 percent, largely due to the gains in the shares of oil marketing major, Oando Plc which gained by +0.88 percent. The NSE Consumer Goods index closed flat.

“The equities market closed down today following the losses across the Industrial and Banking 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. Furthermore, with the conclusion of the 2019 elections, we expect uncertainties associated with political risk to dwindle. This may improve investor sentiment towards the Nigerian equities market,” the InvestmentOne update added.

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