The Nigerian equities market reversed its bullish trends today as NSE-ASI shed -0.08%. 

Also, market breadth index ended negative with 31 stocks losing against 28 stocks that advanced.  

CCNN (+10.16%) was the market’s best performer while FIDSON (-9.20%) led the losers’ chart. 

TRANSCORP (-0.39%) was the most actively traded stock with c.211million units of shares worth c.N553million. 

Sector Performance  

·           NSE Industrial Index: Declined by -1.22%, following the sell-off in WAPCO (-3.72%). 

·           NSE Consumer Goods Index: The sell-off in GLAXOSMITH (-5.00%), PZ (-4.98%) and UNILEVER (-4.30%) drove the sector down by -1.12%. 

·           NSE Oil and Gas Index: Closed down -0.08%, on the back of the losses in  ETERNA (-1.24%) and FO (-0.42%).

·           NSE Banking Index: Gained +0.33%, largely driven by gains in FCMB (+10.06%), DIAMONDBNK (+9.81%), FBNH (+7.19%), GUARANTY (+1.88%) and ACCESS (+1.63%).  

Earnings Release 

NIL.

Market Insight 

The NSE-ASI closed down following the sell-off across most sectors today, especially in the Industrial and Consumer Goods sectors. Going forward, we highlight the potential for more profit taking, which may drive the market down further. However, this may present a decent entry opportunity into our recommended names in anticipation of the release of full year results later this quarter. 

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