January 8, 2019/InvestmentOne report

The Nigerian equities market closed the second trading session of the week in the red, losing 1.20%.

Similarly, market breadth index was negative with 12 gainers against 28 stocks that declined. 

JOHNHOLT (+9.09%) was the top gainer today while NEM (-9.40%) led the losers’ chart.

ZENITHBANK (-4.69%) was the most actively traded with about 33million units of shares worth N680million.  

Sector Performance 

·         NSE Banking Index: Declined by 3.57%, following the losses in UNITYBNK (-9.00%), GUARANTY (-5.47%), FIDELITYBK (-5.26%), UBA (-5.19%) and ZENITHBANK (-4.69%). 

·         NSE Oil & Gas Index: Shed 1.45%, largely driven by the declines in FO (-7.97%), OANDO (-7.69%) and ETERNA (-1.14%). 

·         NSE Consumer Goods Index: Closed down by 0.47%, majorly due to the sell-offs in FLOURMILL (-8.63%), DANGFLOUR (-4.24%), DANGSUGAR (-2.50%) and INTBREW (-1.59%).  

·         NSE Industrial Index: Gained 0.53%, on the back of the advancements in WAPCO (+3.08%) and CCNN (+0.53%)  

Market Insight 

The equities market closed down today following the losses across most sectors. Despite the sell-off in the equities market in 2018, we believe this presents decent entry opportunities in our quality names.