March 7, 2018/InvestmentOne Research
The Nigerian equities market reversed its gains in the previous two trading sessions to print in the red today, losing -1.51%.
However, market breadth index ended positive with 26 gainers against 23 decliners.
ETERNA (+10.15%) topped the gainersâ chart today while UNITYBNK (-9.24%) had the worst performance.
With respect to volume, ZENITHBANK (-0.16%) was the most actively traded with c.65million units of shares worth c.N2.01billion.
Sector Performance
NSE Industrial Index: Shed -1.84% following the losses in DANGCEM (-3.60%) and CCNN (-3.25%).
NSE Banking Index: Closed down by -0.90%, largely driven by the decline in STERLNBANK (-4.26%), ACCESS (-2.28%), GUARANTY (-1.86%) and FIDELITYBK (-1.64%).
NSE Consumer Goods Index: Lost -0.74%, due to NB (-1.02%) and NESTLE (-0.36%).
NSE Oil and Gas Index: Declined by -0.50% on the back of the losses in TOTAL (-3.92%).
Earnings Release
NIL
Market Insight
The Nigerian equities market closed down today following the sell-off across most sectors. 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. Nonetheless, we advise entry into our quality names for investors with a medium to longer term horizon.
TOP PICKS: ACCESS, DANGCEM, GUARANTY, NB, NESTLE, UBA & ZENITHBANK
