Positive Sentiments in Consumer Names Boost Nigerian Stocks by -0.12% to Open Week

June 29, 2020

By Peter OBIORA InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian equities market gained on Monday to open the new week positive as the all-share index (ASI) appreciated by 0.12 percent to 24,858.89 basis points and boosted by Consumer Goods counters, InvestmentOne reports.

However, at close of business on the floor of the Nigerian Bourse, market breadth index was negative with 29 losers compared to 18 gainers.

According to the report, palm oil producer, Okomu Oil Palm Company Plc with a gain of +10.00 percent emerged the topmost gainer, while soap and detergent maker, Unilever Nigeria Plc lost by -10.00 percent to record the worst loss.

The update says Nigeria’s top tier lender and dual listed Guaranty Trust Bank Plc with a loss of -1.54 percent was the most actively traded stock with about 18 million units of shares worth about N401 million.

In terms of sector performance, the NSE Consumer Goods index rose by 1.86 percent, due to the gains in the shares of PZ Cussons Nigeria Plc which rose by +9.09 percent, while food and beverage Producer, Nestle Nigeria Plc and sugar refiner, Dangote Sugar Refinery Plc, both gained +4.73 percent and +0.84 percent apiece.

On the flip-side, the NSE Oil & Gas index declined 0.62 percent, due to the negative sentiments in Ardova Plc (former Forte Oil Plc) and Eterna Plc; both plunged -9.96 percent and -9.68 percent respectively, while Japaul Oil & Maritime Plc depreciated by -7.76 percent.

In the same vein, the NSE Banking index fell by 1.24 percent, as a result of the sell-offs in the shares of mid-tier lender, Wema BankPlc which lost -5.00 percent,, Pan African Bank, Ecobank Transnational Incorporated and Sterling Bank Plc declined -4.76 percent and -4.65 percent each, while Fidelity Bank Plc and the shares of Africa global bank, United Bank for Africa Plc; both dipped -2.81 percent and -2.34 percent respectively.

“NSE Industrial Index: Was down by 0.14 percent, due to the loss in the shares of cement manufacturer, Lafarge Cement Wapco Nigeria Plc by -1.82 percent,” the update affirmed.

Performance of key stocks

S/N

Stock

Current Price (N)

1-day change (%)

Week to date change (%)

1

ACCESS

6.60

0.00%

0.00%

2

DANGCEM

128.00

0.00%

0.00%

3

FBNH

5.30

1.92%

1.92%

4

FIDELITYBK

1.73

-2.81%

-2.81%

5

GUARANTY

22.35

-1.54%

-1.54%

6

MTNN

117.50

0.00%

0.00%

7

UBA

6.25

-2.34%

-2.34%

8

SEPLAT

386.00

0.00%

0.00%

9

ZENITHBANK

16.20

0.00%

0.00%

10

OKOMUOIL

70.40

10.00%

10.00%

Source: InvestmentOne Research

“The equities market closed up due to the positive sentiments in Consumer names. While we believe the risk-off sentiment on the back of weak oil price as well as the impact of Coronavirus could continue to weigh in on equities market, we opine that this may be one of the best periods to start picking some of the quality names with a medium to long term investment horizon,” the InvestmentOne report added.

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