The Nigerian equities market on Friday closed the last trading session of the week positive, gaining 0.12 per cent to 32,456.98 basis points, as week-to-date returns appreciates 0.23 per cent on bellwether counters.
However, market breadth index was negative with 16 gainers compared to 18 stocks that declined.
Mid tier lender, Wema Bank Plc with a gain of 10.00 per cent emerged the topmost gainer, while beer producer, Champions Breweries Plc with a loss of -10.00 per cent led the losers’ chart.
According to the report, Honeywell Flour Mills Plc with a decline of -9.93 percent was the most actively traded with 23 million units of shares worth about N30 million.
In terms of sector performance, the Nigerian Stock Exchange (NSE) Consumer Goods index gained 0.34 per cent, due to the advancement in the shares of brewers, International Breweries Plc and Nigerian Breweries Plc; both surged 4.92 per cent and 3.53 per cent each, soap and detergent makers, Unilever Nigeria Plc and PZ Cussons Nigeria Plc, appreciated 2.35 per cent and 0.40 per cent respectively.
In the same vein, the NSE Banking index closed up by 0.32 per cent, on the back of the gains in the shares of lenders, Wema Bank Plc and Access Bank Plc, both gained 10.00 per cent and 1.27 per cent each, while Zenith Bank Plc and Sterling Bank Plc gained 0.68 per cent and 0.67 per cent apiece.
According to InvestmentOne, the NSE Oil & Gas index gained 0.12 per cent, largely driven by the buy interest in the shares of Japaul Oil & Maritime Plc and Oando Plc; both rose 4.35 per cent and 1.00 per cent each.
On the flip-side, the NSE Industrial index lost 0.06 per cent, majorly due to the sell-offs in the shares of cable producer, Cutix Plc which depreciated by -9.93 per cent.
“Despite the recent sell-off in the equities market, we believe this presents decent entry opportunities in our quality names,’ the InvestmentOne report affirmed.
Analysts at Cordros Capital however reiterated its negative outlook for the equities market in the short to medium term, amidst political concerns in the 2019 elections, and absence of a positive market trigger. However, positive macroeconomic fundamentals remain supportive of recovery in the long term.Read Full Story