May 21, 2018/InvestmentOne Report
The Nigerian equities market closed the first trading session of the week in the red, losing 0.12%.
However, market breadth index was positive with 26 gainers against 22 stocks that declined.
UNITYBNK (+8.51%) was the top gainer today while NEM (-4.91%) was the worst performing stock.
AFRINSURE (+5.00%) was the most actively traded with 90million units of shares worth N18.7million.
Sector Performance
NSE Banking Index: Shed 0.21%, following the sell-off in STERLNBANK (-4.73%), FBNH (-2.71%), WEMABANK (-2.44%), ACCESS (-1.83%) and GUARANTY (-1.14%).
NSE Oil & Gas Index: Gained 0.52%, majorly due to the buy interest in FO (+4.90%).
NSE Industrial Index: Closed up by 0.28%, largely driven by WAPCO (+0.62%).
NSE Consumer Goods Index: Advanced by 0.29%, based on the gains in HONYFLOUR (+4.84%), UNILEVER (+1.00%) and NB (+0.41%)
Earnings Release
Nil
Market Insight
Despite the gains across most sectors, the Nigerian equities market closed down today following the sell-off in the Banking sector. 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
