Stocks Close Down -0.39%, Dragged by MTNN, Consumer Goods Counters

L – R shows Jude Chiemeka, Divisional Head, Trading Business, The Nigerian Stock Exchange (NSE); Patience Oniha, Director General, Debt Management Office; Hajara Adeola, Managing Director/CEO, Lotus Capital and Andrew Morgan, Managing Director/CEO, REDmoney during the Inaugural Islamic Finance News (IFN) Nigeria Forum at the Eko Hotel on Tuesday in Lagos.

June 18, 2019

By Paschal IJEH InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian equities market on Tuesday closed down as the all-share index (ASI)  dipped -0.39% to close at 29,818.80 basis points; and driven by losses recorded in the shares of  in MTN Nigeria and the Consumer Goods counters.

InvestmentOne update reports that market breadth index was somewhat flat with 20 gainers compared to 21 losers.

According to the report, beer producer, Champion Breweries Plc with a gain of +10.00 percent led the gainers’ chart while Okomu Oil Palm Company Plc with a loss of -10.00 emerged the worst loser.

Mid tier lender, Wema Bank Plc with a loss of  -4.69 percent was the most actively traded stock with over 2.40 billion units of shares worth about  N1.47 billion.’

In terms of sector performance, InvestmentOne reports that the Nigerian Stock Exchange (NSE) Consumer Goods index declined by 1.22 percent, due to the losses in the shares of International Breweries Plc gained by +9.97 percent, while Honeywell Flour Mills Plc depreciated by -6.48 percent, oil marketing major, Forte Plc and Nigerian Breweries Plc plunged -2.48 percent and -1.72 percent apiece.

The report says the NSE Oil & Gas index advanced by 0.57 percent, driven by the gains recorded in the shares oil marketing companies, Oando Plc and 11 Plc ( former Mobil Nigeria Plc) both surged +6.76 percent and +0.61 percent apiece.

According to the update, the NSE Banking index gained by 0.32 percent, due to the buy interests in the shares of lenders, Unity Bank Plc and First City Monument Bank, both appreciated +8.57 percent and, +2.42 percent apiece, while Ecobank Transnational Incorporated and Africa’s global lender, United Bank for Africa Plc gained+2.00 percent and +1.65 percent respectively.

Still on the gaining side is Access Bank Plc and Zenith Bank Plc, both rose +0.78 percent and +0.25 percent each.

Also, the NSE Industrial index inched up by 0.04 percent, following the gain in the shares of cement producer Lafarge Cement Wapco Nigeria Plc which gained by +2.05 percent.  

“The equities market closed down today due to the losses in the MTN and Consumer names. Despite the recent sell-off, we maintain that prices at current level present decent entry opportunities for investors with medium to long term horizon,” the report added.

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