Bears on Wednesday sustained its hold on the Nigerian equities market as the benchmark index declined 0.30 percent and driven by losses across most sectors.
At the close of the trading session on the floor of the Nigerian Stock Exchange (NSE), market breadth index was negative with 15 gainers compared to 29 stocks that declined.
Caverton Offshore Support Group Plc with a gain of +10.00 percent emerged the topmost gainer, while Livestock Feeds Plc with a loss of -10.00 percent led the losers chart.
One of Nigeria’s largest banking and financial services organisation, FBN Holdings Plc with a gain of +2.17 percent was the most actively traded with 88 million units of shares worth about N820 million.
In terms of sector performance, the NSE Industrial index closed down by 1.50 percent majorly due to the decline in the shares of cement producer, Lafarge Cement Wapco Nigeria Plc by -5.98 percent.
The NSE Oil & Gas index lost 1.04 percent; largely driven by the decline in the shares of oil marketing majors Forte Oil Plc and Oando Plc both down -8.33 percent and -4.00 percent each, while Eterna Plc dipped by -1.67 percent.
In the same vein, the NSE Consumer Goods index shed 0.83 percent; following the sell-offs in the shares of sugar refiner, Dangote Sugar Refinery Plc and Dangote Flour Mills Plc both depreciated -8.82 percent and -3.87 percent each.
While Flour Mills of Nigeria Plc and beer maker, Nigerian Breweries Plc both dipped -3.37 percent and -0.95 percent apiece, food and beverage producer, Cadbury Nigeria Plc lost -0.93 percent.
On the positive side, the NSE Banking index gained 0.10 percent and supported by the shares of top tier lenders, United Bank for Africa Plc, FBN Holdings Plc both appreciated by +3.83 percent and +2.17 percent, Zenith Bank Plc gained +0.65 percent.
InvestmentOne reports, Okomu Oil Palm Company Plc released its half-year (H1) 2018 results which showed a 33.03 percent and 21.99 percent decline in profit before tax (PBT) and profit after tax (PAT) to N2.96 billion and N2.59 billion respectively.
Also, Union Bank of Nigeria Plc released its H1 2018 results which showed a 39.78 percent and 39.65 percent improvement in PBT and PAT to N12.12 billion and N11.99 billion respectively.
“Despite the continued sell-off in the equities market, we believe this presents decent entry opportunities in our quality names. Furthermore, we could see investors take position in anticipation of the release of H1 2018 results and possible corporate action,” the InvestmentOne report affirmed.
