October 11, 2017/InvestmentOne Research
Nigerian equities market ended in the red for the second consecutive trading session, down -0.34%.
This said, market breadth index closed neutral as 19 stocks gained and 19 stocks declined.
VITAFOAM (-5.00%) was the worst performer while MANSARD (+10.00%) was the best performer.
Similar to yesterday, DIAMONDBNK was the most actively traded stock with 231m units of shares, however, ZENITHBANK led the value chart with N266m worth of shares exchanged.
Sector Performance
· NSE Banking Index: Fell by -0.15% following the declines in UBA (-1.71%), STANBIC (-2.32%) and SKYEBANK (-3.85%), which cancelled out the gains in ACCESS (+0.21%) and FBNH (+0.16%).
· NSE Consumer Goods Index: Worst performer (-1.08%) as a result of NB (-2.90%), which offset NESTLE (+0.24%)
· NSE Industrial Index: Inched up +0.15% with support from CCNN (+9.23%)
· NSE Oil & Gas Index: Best performer +0.63% on the back of gains in SEPLAT (+1.59%)
Earnings Release
NIL
Market Insight
The equities market continued to trend south today in a relative uninspiring trading session with just N1.83bn worth of shares traded. 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
