February 9, 2018/InvestmentOne Research

The Nigerian equities market shed -0.46%. Down by -3.39% WTD. 

Market breadth index was negative as 32 stocks declined against 23 stocks that gained. 

The market best performer was DIAMONDBNK (+6.52%) while AIICO (-8.75%) topped the losers’ chart. 

SKYEBANK (+4.90%) was the most actively traded stocks with c.150million units of shares worth c.N156m. 

Sector Performance 

·         NSE Banking Index: Declined by -2.07%, largely driven by the sell-off in ACCESS (-4.40%), FBNH (-4.38%), FIDELITYBK (-3.55%), ZENITHBANK (-3.44%) and UBA (-2.83%).

·         NSE Consumer Goods Index: Closed down by -0.23% on the back of the losses in CADBURY (-4.52%), DANGFLOUR (-1.24%), FLOURMILL (-1.21%) and NESTLE (-0.93%). 

·         NSE Oil and Gas Index: Shed -0.01% on account of the decline in  SEPLAT (-0.01%). 

·         NSE Industrial Index: Gained +0.15% following the gains in DANGCEM (+0.64%). 

Earnings Release 

Nil 

Market Insight 

The Nigeria equities market was bearish today, largely driven by the sell-off across most sectors. In the near term, we expect the market to trade sideways even as investors continue to take positions in this earnings season. Despite the sell-off we saw in the market recently, we believe this may present entry opportunities into our quality names for investors with a medium to longer term horizon. 

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