December 11, 2017/InvestmentOne Research

The NSE-ASI closed the first trading session of the week negative, falling by -0.88%. 

Similarly, market breadth index ended negative (-0.14x) as 28 stocks declined compared with 14 stocks that gained. 

MOBIL (+9.47%) led the market’s performance against UBA (-5.00%), which was the worst performer.  

FBNH (+0.89%) was the most actively traded stock with c.61million units of shares worth N553.13million. 

Sector Performance  

·        NSE Banking Index: Worst performer (-1.99%) on the back of the profit taking on UBA (-5.00%), STERLNBANK (-3.54%) and the decline in ZENITHBANK (-3.27%).  

·         NSE Industrial Index: Closed in the red (-1.35%) due to the profit taking on DANGCEM (-1.67%) and WAPCO (-1.17%). 

·         NSE Oil and Gas Index: Closed in the green (+1.06%) due to support from MOBIL (+9.47%) and TOTAL (+0.87%). 

·        NSE Consumer Goods Index: Rose by +0.75% following the gains in NESTLE (+3.54%), DANGSUGAR (+3.30%), CADBURY (+2.83%) and DANGFLOUR (+2.28%) which more than offset the sell-off in UACN (-4.63%). 

Earnings Release 

NIL 

Market Insight

Profit taking on several bellwether stocks led the market to a negative close. With this said, we see the recent sell-off as an entry opportunity in our recommended names for investors with a medium to long term horizon.

TOP PICKS: ACCESS, DANGCEM, GUARANTY, NB, NESTLE, UBA & ZENITHBANK