NSEASI Records -0.03% Post-Easter Loss, Driven by Declines in the Banking Sector

April 23, 2019

By Paschal IJEH InvestAdvocate

Lagos (INVESTADVOCATE)-Equities on Wednesday opened the week on a negative note following the last Easter celebration; as the Nigerian Stock Exchange all-share index  (NSE-ASI) lost 0.03 percent to close at 30,076.00 basis points on declines across sectors.

InvestmentOne daily market update reports that market breadth index was positive with 20 gainers compared to 17 losers.

The report says Japaul Oil & Maritime Services Plc with a gain of +10.00 percent emerged the topmost gainer, while top tier brewer, Guinness Nigeria Plc with a loss of -10.00 percent was the worst loser.  

Similarly, JAPAULOIL with a +10.00 percent gain was the most actively traded stock with about 69 million units of shares worth N14 million.

In terms of sector performance, InvestmentOne reports the NSE Consumer Goods index shed 1.22 percent, on the back of the loss in the shares of Guinness Nigeria Plc and Unilever Nigeria Plc; both depreciated -10.00 percent and -8.82 percent each, while Nigerian  Breweries Plc and Flour Mills of Nigeria Plc lost -1.50 percent and -0.61 percent apiece.

In the same vein, the NSE Oil & Gas index declined by 0.57 percent, largely due to the selloff in the shares of oil marketer, Forte Oil Plc which lost by -9.83 percent to offset the gains in the shares of Japaul Oil & Maritime Plc and Oando Plc; both appreciated +10.00 percent and +6.25 percent respectively, while 11 Plc ( former Mobil Nigeria Plc) gained by +2.80 percent.

Also, the NSE Banking index lost 0.44 percent, majorly driven by the declines in the shares of top tier lenders, United Bank for Africa Plc and FBN Holdings Plc; both lost -4.62 percent and -3.33 percent each, while Pan African lender, Ecobank Transnational Incorporated and Sterling Bank Plc plunged -3.27 percent and -0.38 percent each.

The report says the NSE Industrial index closed up by 0.43 percent, following the gains in the shares of  First Aluminum Nigeria and Nigeria’s most capitalised listed company, Dangote Cement Plc; both surged +9.76 percent and +1.06 percent respectively.

The equities market closed down today following the losses in most sectors. Despite the recent sell-off in the equities market, we believe prices at current level presents decent entry opportunities for investors with medium to long term horizon,” the InvestmentOne reported added.

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