March 28, 2018/InvestmentOne Report
Similar to the previous two trading sessions, the Nigerian equities closed down by 1.07% in today’s trading session.
Also, market breadth index ended negative with 18 advancers against 29 stocks that declined.
GLAXOSMITH (+10.03%) topped the gainers chart while JAPAULOIL (-8.45%) had the worst performance.
CHAMPION (-4.80%) was the most actively traded with 154 million units of shares worth N397million.
Sector Performance
NSE Banking Index: Shed 3.36%, largely driven by the sell-off in UNITYBNK (-4.65%), ETI (-4.39%), UBA (-2.54%), FBNH (-2.02%) and GUARANTY (-1.95%).
NSE Industrial Index: Declined by 2.65%, following the losses in WAPCO (-4.72%) and DANGCEM (-0.78%).
NSE Oil & Gas Index: Closed down by 0.03% on the back of the losses in JAPAULOIL (-8.45%), CAPOIL (-5.00%) and TOTAL (-0.71%).
NSE Consumer Goods Index: Gained 0.31%, on the back of the advancement in UNILEVER (+4.86%), PZ (+4.55%), CADBURY (+4.14%) and GUINNESS (+0.49%)
Earnings Release
Okomu Oil Palm Company Plc. released its Q4 2017 results today which showed a Profit before tax of N1.96bn; up 44% q/q and 65% y/y.
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
