January 6, 2017/InvestmentOne Research
- Though the ASI recorded a marginal gain of +0.15% to berth at 26,251.39pts at close of trades today, it declined by -2.32% w/w.
- Today’s positive close was largely due to buying interests in Banking names such as the likes of ZENITHBANK (+24.68pts), ACCESS (+11.79pts)and UBA (+7.39pts) which neutralised the bearish run in Oil & gas names such as MOBIL (-14.65pts) as well tier 2 banking player UBN (-13.31pts) and CADBURY (-2.73pts).
- Banking tracker (+0.8%) was the lone gainer while the Industrial (-0.06%), Consumer (-0.01%) and the Oil & gas (-0.56%) recorded marginal declines.
- UCAP (+4.48%) was today’s best performing stock, leading the list of 13 gainers while CADBURY (-5.00%) topped the list of 16 decliners.
- Activity level strengthened significantly with volume and value traded up +58% and +63% respectively to 210m units of stocks worth c.N1.51b. OANDO and FCMB were the most actively traded stocks with 51m and 38m units respectively.
- Though our near term expectation is that the index would begin the year on a bearish note, given the current fragile macro outlook, we advise gradual building of positions in quality names for investors with a medium to longer term horizon.
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