May 10, 2018/InvestmentOne Report
The Nigerian equities market closed down today as NSE-ASI lost 0.40%.
Similarly, market breadth index was negative with 22 gainers against 26 stocks that declined.
CCNN (+9.96%) led the gainers chart while NIGERINS (-7.41%) was the worst performing stock today.
ZENITHBANK (+1.64%) was the most actively traded with 79million units of shares worth N2.18billion.
Sector Performance
NSE Oil & Gas Index: Shed 1.80%, following the losses in OANDO (-4.68%), JAPAULOIL (-4.55%), SEPLAT (-3.33%) and FO (-2.08%).
NSE Consumer Goods Index: Declined by 0.13%, due to the selloff in MAYBAKER (-4.93%), CHAMPION (-1.78%), DANGSUGAR (-1.07%), DANGFLOUR (-0.87%) and FLOURMILL (-0.71%).
NSE Banking Index: Fell by 0.02%, largely driven the losses in UNITYBNK (-4.59%), WEMABANK (-4.55%), and GUARANTY (-1.11%).
NSE Industrial Index: Advanced by 0.06%, largely driven by the gains in CCNN (+9.96%) and CUTIX (+0.33%).
Earnings Release
Nil
Market Insight
The Nigerian equities market closed down today following 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 that the recent sell-off in the equities market presents an entry opportunity for investors with a medium to longer term horizon.
TOP PICKS: ACCESS, DANGCEM, GUARANTY, NB, NESTLE, UBA & ZENITHBANK
