Nigerian Equities Market Sustain Bullish Run on Losses Across Sector

June 11, 2019

By Paschal IJEH InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian equities market continued its bearish run on Tuesday as the all-share index (ASI) lost 0.73 percent to close at 30,099.83 basis points on losses across sectors.

InvestmentOne report says market breadth index was negative with 15 losers compared to 10 gainers. 

According to the update, Sovereign Trust Insurance Plc with a loss of -8.00 percent was the worst loser  while, soap and detergent producer, Unilever Nigeria Plc with a gain of +8.22 percent emerged the topmost gainer.

Wapic Insurance Plc with a gain of +2.50 percent was the most actively traded stock with over 50 million units of shares worth about  N20 million.

In terms of sector performance, the report says the Nigerian Stock Exchange (NSE) Oil & Gas index closed down by 0.85 percent, driven by the losses recorded in Japaul Oil & Maritime Plc which lost by -7.41 percent, while oil marketing majors, 11 Plc ( former Mobil Nigeria Plc and Oando Plc; both depreciated -3.82 percent and -2.60 percent.

Also, the NSE Consumer Goods index lost 0.02 percent, following sell-offs in the shares of sugar refiner, Dangote Sugar Refinery Plc and brewer, Nigerian Breweries Plc; both plunged -4.35 percent and -1.72 percent respectively.

In the same vein, the NSE Banking index shed 0.20 percent, due to the declines in the shares of lenders Wema Bank Plc and Sterling Bank Plc; both declined -3.28 and -3.28 percent apiece, similarly, Africa’s global lender, United Bank for Africa Plc and Zenith Bank Plc plunged -1.59 percent and -0.49 percent.

The NSE Industrial index declined by  1.10 percent, due to the losses in the shares of cablemaker, Cutix Plc and most capitalised listed company on the Nigerian bourse, Dangote Cement Plc both lost -2.74 percent and -2.12 percent. 

“The equities market closed down today due to losses across all sectors. However, we still maintain that prices at current level presents decent entry opportunities for investors with medium to long term horizon,” the InvestmentOne update affirmed.

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