May 16, 2019/InvestmentOne Report
The Nigerian equities market halted its bearish run today as NSE-ASI gained 0.54% to close at 28,438.19pts.
However, market breadth index was negative with 11 gainers against 25 losers.
MTNN (+10.00%) led the gainers’ chart while UNITYBNK (-9.72%) was the top loser today.
TRANSCORP (-1.72%) was the most actively traded stock with about 105million units of shares worth about N130million.
Sector Performance
- NSE Banking Index: Shed 1.71%, majorly driven by the sell-off in UNITYBNK (-9.72%), ACCESS (-3.70%), FBNH (-3.45%), ZENITHBANK (-2.25%) and GUARANTY (-1.90%).
- NSE Industrial Index: Closed down by 0.97%, on the back of the fall in CUTIX (-8.33%), WAPCO (-1.87%) and DANGCEM (-1.12%).
- NSE Consumer Goods Index: Lost 0.83%, following the declines in NB (-3.85%), DANGSUGAR (-2.17%), UACN (-1.99%) and GUINNESS (-1.90%).
- NSE Oil & Gas Index: Declined by 0.56%, due to the fall in OANDO (-4.26%).
Market Insight
The equities market closed up today following the gain in the newly listed MTN shares despite the losses in all sectors. Despite the recent selloff, we believe prices at current level present decent entry opportunities for investors with medium to long term horizon.
