May 24, 2018/InvestmentOne Report
The Nigerian equities market closed down today as NSE-ASI lost 1.06%.
Similarly, market breadth index was negative with 8 gainers against 35 stocks that declined.
MRS (+10.10%) was the top gainer today while DIAMONBNK (-8.28%) was the worst performing stock.
SOVRENINS was the most actively traded with 53million units of shares worth N13million.
Sector Performance
NSE Consumer Goods Index: Declined by 1.79%, due to the sell-off in NB (-4.99%), DANGFLOUR (-4.98%), DANGSUGAR (-4.78%) and FLOURMILL (-4.32%).
NSE Banking Index: Shed 1.70%, following the losses in DIAMONDBNK (-8.28%), FIDELITYBK (-5.50%), FBNH (-4.67%), ZENITHBANK (-3.40%), GUARANTY (-1.61%), ACCESS (-1.38%) and UBA (1.33%).
NSE Industrial Index: Lost 0.20%, on the back of the decline in CCNN (-4.76%) and FIRSTALUM (4.35%).
NSE Oil & Gas Index: Closed down 0.01%, majorly driven by CAVERTON (-5.00%), ETERNA (-4.66%) and JAPAULOIL (-3.70%).
Earnings Release
Nil
Market Insight
The Nigerian equities market closed down today following the sell-off 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
