April 25, 2018/InvestmentOne Report
The Nigerian equities market closed down today as NSE-ASI lost 0.11%.
Market breadth index was somewhat flat with 24 stocks gaining against 23 stocks that declined.
FO (+10.16%) was the top gainer today while FBNH (-8.96%) had the worst performance.
FBNH (-8.96%) was the most actively traded with 80million units of shares worth N1.01billion.
Sector Performance
NSE Industrial Index: Fell by 1.42% as a result of the sell-off in WAPCO (-1.97%) and DANGCEM (-1.21%).
NSE Oil & Gas Index: Advanced by 2.33%, following the gains in FO (+10.18%) and SEPLAT (+3.79%).
NSE Consumer Goods Index: Appreciated by 1.74%, on the back of the gains in NESTLE (+4.99%), DANGFLOUR (+3.65%), FLOURMILL (+1.49%) and DANGSUGAR (+0.95%).
NSE Banking Index: Inched up 0.16%, largely driven by the buy interest in UBN (+2.46%), UBA (+1.76%) and ACCESS (+0.44%).
Earnings Release
FBN Holdings Plc released its Q4 2017 results which showed a Profit Before Tax of N1.39billion compared to a Loss Before Tax of N34.51billion as well as a Profit After Tax of N1.95billion against a Loss After Tax of N25.38billion in Q4 2016 respectively.
Access Bank Plc released its Q1 2018 results which showed a 0.57% y/y and 1.30% y/y decline in Profit Before Tax and Profit After Tax to N27.44billion and N22.12billion respectively.
Market Insight
The Nigerian equities market closed down today following the loss in the Industrial Goods sector. Going forward, we expect the market to trade sideways in the absence of positive news flow. With this said, we highlight the potential for the market to gain as investors reinvest dividend income.
