May 2, 2018/Investmentone Report
The Nigerian equities market closed up today as NSE-ASI gained 0.09%.
Similarly, market breadth index was positive with 23 stocks gaining against 15 stocks that declined.
MOBIL (+9.55%) was the top gainer today while DANGFLOUR (-9.54%) had the worst performance.
UBA (+1.30%) was the most actively traded with 52million units of shares worth N610million.
Sector Performance
NSE Oil & Gas Index: Advanced by 1.22%, following the gain in MOBIL (+9.55%).
NSE Banking Index: Appreciated by 0.63%, largely driven by the buy interest in WEMABANK (+9.52%), UNITYBNK (+5.00%), FCMB (+4.45%) and UBN (+4.00%).
NSE Industrial Index: Gained 0.31%, as a result of the gain in DANGCEM (+0.77%).
NSE Consumer Goods Index: Lost 1.09%, on the back of the decline in DANGFLOUR (-9.40%), CADBURY (-4.71%), DANGSUGAR (-2.44%) and NESTLE (-1.81%).
Earnings Release
Nestle Nigeria Plc. released its Q1 2018 results which showed a 4.48% y/y decline in Profit Before Tax to N13.64billion but a 2.99% y/y improvement in Profit After Tax to N8.61billion.
Market Insight
The Nigerian equities market closed up today following the buy interest across most sectors. Going forward, we expect the market to trade sideways in the absence of positive news flow. With this said, we highlight that the recent sell-off in the equities market presents an entry opportunity for investors with a medium to longer term horizon.
