Dangote Cement, MTNN, Consumert Goods Counters Drag NSEASI Down -0.09%

October 22, 2019

By Paschal IJEH InvestAdvocate

Lagos INVESTADVOCATE)-Losses recorded in the shares of Nigeria’s most capitalised listed company, Dangote Cement Plc, telecoms giant, MTN Nigeria Plc and the Consumer Goods sector has dragged the Nigerian equities market all-share index (ASI) down by 0.09 percent to close at 26,365.83 basis points.

InvestmentOne reports that in Tuesday’s trade, market breadth index was negative with 13 losers compared 12 gainers.

According to the report, Eterna Plc with a loss of -9.52 percent led the loser’s chart, while Courteville Business Solutions Plc emerged the topmost gainer with a gain of +10.00 percent.

 Top tier lender, Zenith Bank Plc with a gain of +0.29 percent was the most actively traded stock with about 357 million units of shares worth about N6.18 billion.

In terms of sector performance, InvestmentOne update reports the Nigerian Stock Exchange (NSE) Consumer Goods index shed  0.03 percent, following the loss in the shares of food and beverage producer, Cadbury Nigeria Plc which declined by -2.54 percent.

On the positive side, the NSE Industrial index increased by 0.19 percent, as a result of the gain recorded in the shares of cbalemaker, Cutix Plc which appreciated +9.92 percent.

The NSE Banking index closed up by 0.09 percent, on the back of the buy interest in the shares of Stanbic IBTC and Access Bank Plc; both gained +2.07 percent and +0.68 percent respectively, while Zenith Bank appreciated +0.29 percent. The NSE Oil & Gas index closed flat.

 “The equities market closed down today following the losses recorded in DANGCEM, MTNN and Consumer Goods sector. We maintain that investors should take positions in quality names with a medium to long time investment horizon as prices remain attractive at current levels,” the InvestmentOne update affirmed.

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