March 16, 2018/InvestmentOne Update
The Nigerian equities market ended the last trading session of the week in the red, losing 0.59%, WTD down by 2.85%.
Market breadth index was negative with 16 gainers against 37 decliners.
CUTIX (+4.67%) was the best performing stock while FIDELITYBK (-9.41%) had the worst performance.
ZENITHBANK (-4.00%) was the most actively traded with c. 87million units of shares worth c.N2.46billion.
Sector Performance
NSE Banking Index: Closed down by 2.33%, largely driven by the losses in FIDELITYBK (-9.41%), STERLNBANK (-5.00%), UNITYBNK (-4.93%), SKYEBANK (-4.60%) and UBA (-4.29%).
NSE Consumer Goods Index: Lost 0.68%, due to the selloff in DANGSUGAR (-5.00%), DANGFLOUR (-3.13%) and NESTLE (-1.08%).
NSE Oil & Gas Index: Shed 0.58% on the back of the losses in JAPAULOIL (-8.22%), ETERNA (-5.00%) and SEPLAT (-0.98%)
NSE Industrial Index: Gained 0.26% following the rise in DANGCEM (+0.53%).
Earnings Release
Nil
Market Insight
The Nigerian equities market closed negative 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
