May 3, 2018/InvestmentOne Report
The Nigerian equities market closed down today as NSE-ASI shed 0.48%.
Market breadth index was flat with 25 stocks gaining and 25 stocks declining.
UNITYBNK (+9.52%) was the top gainer today while INTBREW (-8.30%) had the worst performance.
UBA (+0.43%) was the most actively traded with 79million units of shares worth N935million.
Sector Performance
NSE Consumer Goods Index: Lost 1.53%, on the back of the decline in INTBREW (-8.30%), DANGSUGAR (-5.00%), DANGFLOUR (-4.98%) and UNILEVER (-4.37%).
NSE Oil & Gas Index: Declined by 0.78%, following the losses in OANDO (-4.92%), FO (-4.87%), JAPAULOIL (-4.17%) and MOBIL (-0.89%).
NSE Industrial Index: Shed 0.18%, due to the sell-off in DANGCEM (-1.09%).
NSE Banking Index: Appreciated by 0.79%, largely driven by the buy interest in UNITYBNK (+9.52%), FBNH (+1.63%), GUARANTY (+0.56%) and UBA (+0.43%).
Earnings Release
International Breweries Plc. released its Q1 2018 results which showed a decline in Profit Before Tax and Profit After Tax from N1.50billion and N1.36billion in Q1 2017 to a Loss Before Tax and Loss After Tax of N2.56billion and N2.24billion in Q1 2018 respectively.
Market Insight
The Nigerian equities market closed down today following the sell-off 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.