February 27, 2017/Cordros Research

• Nigerian equities started the week on a positive note, with the All Share Index advancing by 0.49% to close at 25,373.42 points.

• Following today’s performance, the Month-to-Date and Year-to-Date losses dropped to 2.55% and 5.59% respectively.

• The Oil & Gas (+1.67%) and Banking (+1.00%) indices closed above last Friday’s levels, following price increases in the shares of SEPLAT (+4.86%), OANDO (+2.12%), GUARANTY (+2.37%) and ZENITHBANK (+0.48%) respectively. Gains in HONYFLOUR (+5.00%) and NB (+1.54%) also buoyed the Consumer Goods (+0.72%) index. The Insurance (-0.35%) index, however, closed lower on CONTINSURE’s (-2.88%) loss. The Industrial Goods index closed flat.

• Market breadth was neutral, with 17 gainers and losers apiece. Total volume traded dropped marginally by 1.76% to 254.75 million shares, valued at N2.54 billion, and traded in 3,373 deals.

• Corporate Release: 2016FY earnings; ZENITHBANK (PAT: +22.7% y/y; Proposed final dividend: N1.77 per share).

• We expect today’s gain to be sustained in the coming session.