The Nigerian equities market was somewhat flat today as ASI inched up by +0.02%. 

However, market breadth index closed negative with 21 stocks gaining compared to 26 stocks that declined. 

JAPAULOIL (+9.52%) was the best performer while COURTVILLE (-6.25%) topped the losers’ chart. 

CCNN led the market in terms of volume with c.135million units of shares worth c.N2.25billion. 

Sector Performance  

·         NSE Consumer Goods Index: Advanced by +0.78%, on the back of the buy interest in NASCON (+5.11%), INTBREW (+5.00%) and PZ (+5.00%). 

·         NSE Banking Index: Gained +0.28% following the gains in FCMB (+4.66%), GUARANTY (+1.54%) and ZENITHBANK (+0.78%). 

·         NSE Oil and Gas Index: Lost -2.50%, due to fall in MOBIL (-5.00%), TOTAL (-4.82%) and SEPLAT (-2.00%). 

·         NSE Industrial Index: Shed -0.17%, largely driven by losses in MULTIVERSE (-2.94%) and DANGCEM (-0.38%). 

Earnings Release 

      Nil 

Market Insight 

The Nigerian equities market gained marginally today following the buy interest in Banking and Consumer Names. In the absence of any catalyst, we expect the market to remain volatile in the near term 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