April 26, 2017/InvestmentOne Report
The Nigerian equities market was somewhat flat today, losing 0.01%.
Similarly, market breadth index was negative with 14 gainers against 26 stocks that declined.
OANDO (+5.17%) was the best performing stock today while NPFMCRFBK (-8.91%) led the losersâ chart.
GUARANTY (+0.11%) was the most actively traded with 64million units of shares worth N2.79billion.
Sector Performance
NSE Industrial Index: Shed 0.44%, majorly due to the loss in WAPCO (-0.94%).
NSE Banking Index: Declined by 0.32%, following the selloff in FBNH (-3.69%), UBA (-1.73%), FIDELITYBK (-1.59%) and ZENITHBANK (-0.18%).
NSE Oil & Gas Index: The losses in ETERNA (-1.49%) and FO (-0.31%) drove the sector down by 0.21%.
NSE Consumer Goods Index: Appreciated by 0.78%, largely driven by the gains in UNILEVER (+3.58%), FLOURMILL (+3.23%) and NB (+1.76%).
Earnings Release
Okomu Oil Palm Company Plc released its Q1 2018 results which showed a 17.40% y/y and 13.03% y/y increase in Profit Before Tax and Profit After Tax to N3.98billion and N3.47billion respectively.
Market Insight
The Nigerian equities market closed somewhat flat today due to the selloff across most sectors. 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. Nonetheless, we are our the view that the recent sell-off in the equities market presents an entry opportunity for investors with a medium to longer term horizon.
