NSEASI Rallies as MTNN Lead Gainers, Closes Week Positive

May 17, 2019

By Paschal IJEH InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian equities market on Friday closed the last trading session of the week positive as the all-share index (ASI) gained 1.53 percent to close at 28,871.93 points. Consequently, the market closed for the week with returns up +0.08 percent.

InvestmentOne reports that market breadth index was positive with 15 gainers compared to 14 losers.

According to the report, newly listed telecom giant, MTN Nigeria Plc emerged the topmost gainer with a gain of +10.00 percent, while oil marketer, Forte Oil Plc lost with the same margin of -10.00 percent to emerge the worst loser.

At the close of Fridays trading on the floor of the Nigerian Stock Exchange (NSE) Transnational Corporation of Nigeria Plc (Transcorp), Nigeria’s leading diversified listed conglomerate with a gain of +8.77 percent was the most actively traded stock with about 58.6 million units of shares worth about  N72.2 million.

In terms of sector performance, the NSE Oil & Gas index declined by 0.41 percent, due to the losses in the shares of Forte Oil Plc which lost by -10.00 percent and Japaul Oil & Maritime Plc dipped by -7.14 percent, while 11 Plc ( former Mobil Nigeria Plc) declined by -2.30 percent.

In the same vein, the NSE Banking index shed 0.39 percent, following the sell-offs in the shares of First City Monument Bank and Fidelity Bank Plc; both depreciated -8.82 percent and -3.91 percent each, while Guaranty Trust Bank Plc and Access Bank Plc dipped -1.29 percent and -0.77 percent apiece.

Also, the NSE Consumer Goods index lost -0.03 percent, due to the losses in the shares of beer producer, Champion Breweries Plc and Flour Mills of Nigeria Plc both lost -9.30 percent and -0.95 percent respectively.

On the positive side, the NSE Industrial index gained 0.08 percent, driven by gains in the shares of cablemaker, Cutix Plc and Nigerian glass maker, Beta Glass Plc; both appreciated +9.09 percent and +1.09 percent each.

“The equities market closed up today despite the losses in most sectors; this is due to the buy interest seen in MTNN. Nonetheless, We still maintain that prices at current level presents decent entry opportunities for investors with medium to long term horizon,” the InvestmentOne Update said.

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