Nigerian Stocks Up +0.18% on Gains in the Oil & Gas, Consumer Goods Counters

November 19, 2019

By InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian equities market on Tuesday closed positive as the benchmark index increased by 0.18 percent to close at 26,739.44 basis points on gains recorded in the Oil & Gas and Consumer Goods counters.

InvestmentOne update reports that similarly, market breadth index was positive with 20 gainers compared to 13 losers.

According to the report Hospital and medical care services firm Ekocorp Plc with a gain of +10.00 percent was the topmost gainer while, transport and logistics company, ABC Transport Plc with a loss of -8.89 emerged the worst loser.

InvestmentOne report says that leading diversified Company, operating in the Food and Beverage, Real Estate, Paint and Logistics sectors of the Nigerian  economy, UAC of Nigeria Plc with a gain of +4.44 percent  was the most actively traded stock with about 118 million units of shares worth about N827 million. 

In terms of sector performance, InvestmentOne reports the Nigerian Stock Exchange (NSE) Oil & Gas index was up by 0.49 percent, on the back of the gains in the shares of Conoil Plc and Forte Oil Plc; both appreciated +9.74 percent and +4.40 percent apiece.

The NSE Consumer Goods index closed up by 0.32 percent, due to the buy interests in the shares of Honeywell Flour Mills Plc and sugar refiner, Dangote Sugar Refinery Plc; both gained +2.00 percent and +2.14 percent respectively, while beer producer, Nigerian Breweries Plc inched up by +1.03 percent.

On the flip-side, the NSE Industrial index fell by 0.38 percent due to the selloffs recorded in the shares of cement producer, Lafarge Cement Wapco Nigeria Plc which dipped by -1.68 percent.

Still on the losing streak is the NSE Banking index which lost 0.11 percent, as a result of the profit taking in Guaranty Trust Bank Plc and Jaiz Bank Plc; both depreciated -4.93 percent and -2.56 percent each, while Fidelity Bank Plc and Zenith Bank Plc dropped -1.52 percent and -1.07 percent respectively.

“The equities market closed up today as result of the gains recorded in the Oil & Gas and Consumer Goods sectors. We still maintain our view that investors should take positions in quality names with a medium to long time investment horizon as prices remain attractive at current levels,” the InvestmetOne report affirmed.

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