May 17, 2018/InvestmentOne Report
The Nigerian equities market closed down today as NSE-ASI lost 0.83%.
Similarly, market breadth index was negative with 18 gainers against 27 stocks that declined.
SOVRENINS (+9.09%) led the gainers chart while CCNN (-5.26%) was the worst performing stock today.
ZENITHBANK (+0.54%) was the most actively traded with 170million units of shares worth N4.74billion.
Sector Performance
NSE Industrial Index: Fell by 1.65%, due to the decline in WAPCO (-2.44%) and DANGCEM (-0.80%).
NSE Consumer Goods Index: Declined by 1.10%, following the losses in UACN (-4.05%), NB (-3.45%), DANGFLOUR (-2.73%), PZ (-2.67%) and DANGSUGAR (-2.37%).
NSE Oil & Gas Index: Closed down by 1.05% largely driven by the losses in JAPAULOIL (-3.03%) and SEPLAT (-2.04%).
NSE Banking Index: Shed 0.36%, due to the selloff in STERLNBANK (-4.91%), UNITYBNK (-4.08%), FIDELITYBK (-3.90%), UBA (-3.06%) and FBNH (-2.20%).
Earnings Release
Nil
Market Insight
The Nigerian equities market closed down today following the selloff across all sectors. Going forward, we expect the market to remain volatile 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
