October 31, 2017/InvestmentOne Research

The Nigerian equities market closed positive today, gaining +0.54% 

FIDSON (+5.00%) was the market’s best performer while FIDELITY (-6.17%) was the worst performer. 

However, market breadth index closed negative as 27 stocks declined against 24 stocks that gained.  

DIAMONDBANK (-0.98%) led the market in terms of volume with a total of c.42.9m units of shares while GUARANTY led the value chart with N471m worth of shares.  

Sector Performance  

·     NSE Consumer Goods Index: Closed in green today as a result of rise in FLOURMILLS (+5.00%) and DANGFLOUR(+4.96%)  which contributed to the index closing +0.17%. 

·         NSE Oil & Gas Index: Ended positive (+1.00%) on the back of gains in SEPLAT (+3.13%) and ETERNA (+2.78%). 

·         NSE Industrial Index: Closed positive (+1.11%) largely due to gains in CAP (+4.98%) and DANGCEM (+2.28%). 

·         NSE Banking Index: Ended negative (-0.89%) following the losses in FIDELITY (-6.17%), ETI (-2.80%) and ZENITH (-1.96%).     

Earnings Release 

·         Okomu Oil Palm Plc. released its Q3 2017 numbers late yesterday which showed -69.2% q/q decline but a +13.5% y/y increase in PBT to N1.4bn. 

·         Flour Mills of Nigeria Plc. released its Q3 2017 numbers which showed a +17.58% q/q increase and a +148.79% y/y increase in PBT to N7.28bn. 

Market Insight 

The ASI closed positive in today’s trading session (c.N3.05bn worth of shares traded) as investors sentiment improved fairly . With Q3 2017 earnings season virtually over, we are likely to see the ASI remain volatile in the absence of a positive catalyst.