The Nigerian equities market sustained its down trends as NSE-ASI lost -0.96% today. 

Market breadth index, a gauge of investor sentiment, ended negative with 43 stocks declining against 11 stocks that gained. 

MAYBAKER (+4.95%) was the best performing stock while FCMB (-9.71%) had the worst performance. 

TRANSCORP (-9.35%) was the most actively traded stock with c.91million units of shares worth c.N178million. 

Sector Performance  

·         NSE Banking Index: Shed -3.12%, following the profit taking in FCMB (-9.71%), DIAMONDBNK (-9.60), FBNH (-3.99%), ACCESS (-3.94%), ZENITHBANK (-3.13%) and GUARANTY (-2.12%). 

·         NSE Oil and Gas Index: Closed down by -0.07%, on the back of the sell-off in  ETERNA (-4.88%). 

·         NSE Industrial Index: Advanced by  +0.48%, on account of the gains in CCNN (+3.47%) and WAPCO (+1.00%). 

·         NSE Consumer Goods Index: Gained +0.47%, largely driven by the price appreciation in MAYBAKER (+4.95%), NB (+2.06%), and  NESTLE (+0.26%). 

Earnings Release 

NIL.

Market Insight 

Further profit taking on bellwether stocks drove the market to a negative close today. We could see the bearish sentiment continue in the near term, given the significant rally across major sectors in recent times. 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