October 10, 2017/InvestmentOne Research
ASI closes down -0.15%, halting four day bullish trend.
However, market breadth index ended neutral as 19 stocks gained and 19 stocks declined.
CCNN (+10.17%) was the best performer while CILEASING (-9.38%) led the losers’ chart.
DIAMONDBNK (-4.76%) was the most actively traded stock with 216m units of shares, however, NB (-0.65%) led the market in terms of value with N1.25bn worth of shares exchanged.
Sector Performance
· NSE Banking Index: Ended down -0.17% on the back of the declines in FIDELITYBK (-1.43%), FBNH (-0.98%), UBA (-0.32%) and ACCESS (-0.41%).
· NSE Consumer Goods Index: The sell off on NB (-0.65%) more than offset the gains in FLOURMILL (+4.05%) and HONYFLOUR (+1.49%) as the index closed down marginally (-0.09%).
· NSE Industrial Index: Worst performer (-1.58%) following the profit taking on WAPCO (-4.20%) despite CCNN (+10.17%)
· NSE Oil & Gas Index: Only sector to end in the green (+0.11%) with support from OANDO (+0.83%).
Earnings Release
NIL
Market Insight
The positive momentum in the equities market ended today as investors took profit on the gains over the last four trading sessions. However, there was a slight improvement in the total volume of shares traded today (+35%), which was largely driven by the continued investor interest in DIAMONDBNK. In the near term, we expect market direction to be influenced by investors positioning for the release of Q3 2017 scorecards. Nonetheless, we see the recent profit taking as an entry opportunity in our recommended names.
TOP PICKS: ACCESS, DANGCEM, GUARANTY, NB, NESTLE, UBA & ZENITH BANK
