March 20, 2018/InvestmentOne Research
The Nigerian equities market continued its bearish trend, shedding 0.35% in today’s trading session.
Market breadth index ended negative with 16 stocks gaining against 31 stocks that declined.
UNITYBNK (+6.50%) had the best performance today while, similar to yesterday, CADBURY (-9.39%) topped the losers chart.
FIDSON (-4.95%) was the most actively traded with c. 85million units of shares worth c.N425million.
Sector Performance
NSE Industrial Index: Shed 2.01%, following the loss in WAPCO (-5.00%).
NSE Oil & Gas Index: Closed down by 1.72%, due to the sell-off in JAPAULOIL (-9.38%) and SEPLAT (-5.00%).
NSE Banking Index: Lost 0.68% on the back of the losses WEMABANK (-3.85%), DIAMONDBNK (-2.69%), GUARANTY (-1.77%) and STANBIC (-1.73%)
NSE Consumer Goods Index: Gained 0.13%, supported by the gains in UNILEVER (+5.00%), DANGFLOUR (+1.69%) and HONYFLOUR (+1.68%)
Earnings Release
Dangote Cement Plc released its Q4 2017 results today which showed a Profit before tax of N69bn; up 7.4% q/q and 115.63% y/y.
Market Insight
The Nigerian equities market printed in the red 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
