May 22, 2018/InvestmentOne Report
The Nigerian equities market closed down today as NSE-ASI lost 0.43%.
Similarly, market breadth index was negative with 19 gainers against 34 stocks that declined.
IKEJAHOTEL (+9.68%) was the top gainer today while ETERNA (-8.55%) was the worst performing stock.
IKEJAHOTEL (+9.68%) was the most actively traded with 35million units of shares worth N70.5million.
Sector Performance
NSE Oil & Gas Index: Fell by 0.79%, largely driven by the losses in ETERNA (-8.55%), MOBIL (-4.70%), JAPAULOIL (-3.45%) and OANDO (-1.25%).
NSE Consumer Goods Index: Declined by 0.47%, due to the sell-off in HONYFLOUR (-5.00%), DANGSUGAR (-3.69%), FLOURMILL (-1.91%), DANGFLOUR (-0.94%) and NB (-0.57%).
NSE Banking Index: Shed 0.39%, following the decline in FCMB (-1.96%), FBNH (-1.40%), UBA (-0.88%), ZENITHBANK (-0.36%) and GUARANTY (-0.23%).
NSE Industrial Index: Closed up by 0.03%, largely driven by CCNN (+5.00%).
Earnings Release
Nil
Market Insight
The Nigerian equities market closed down today following the sell-off across most 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
