The Nigerian equities market closed somewhat flat today as ASI gained +0.02%. 

However, market breadth index ended negative with 30 decliners against 21 gainers. 

JAPAULOIL (+5.71%) was the top gainer while CONOIL (-9.58%) had the worst performance. 

The most actively traded stock was CUSTODIAN with c.94million units of shares worth c.N377million. 

Sector Performance  

·         NSE Banking Index: Advanced by +1.06% on the back of the gains in UBA (+3.28%), FBNH (+2.76%) , ACCESS (+1.60%), GUARANTY (+1.59%) and ZENITHBANK (+1.45%). 

·         NSE Oil and Gas Index: Lost -1.20% due to the sell-off in CONOIL (-9.58%) and MOBIL (-4.52%) . 

·         NSE Consumer Goods Index: Shed -0.92% following the losses in NB (-2.73%), HONYFLOUR (-2.08%) and NESTLE (-0.72%) . 

·         NSE Industrial Index: Closed down by -0.89%, largely driven by the losses in CCNN (-4.32%), DUNLOP (-4.17%), CUTIX (-3.51%) and WAPCO (-1.83%). 

Earnings Release 

      Nil 

Market Insight 

The Nigerian equities market closed somewhat flat today due to gains in Banking sector. Going forward, we expect the market to trade sideways 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