May 20, 2019/InvestmentOne Report

The Nigerian equities market closed positive today as NSE-ASI gained 1.74% to close at 29,373.40pts.

Market breadth index was negative with 17 gainers against 20 losers. 

MCNICHOLS (+10.00%) led the gainers’ chart while FO (-9.88%) was the top loser today.  

MTNN (+9.96%) was the most actively traded stock with about 51.4 million units of shares worth about N6.2 Billion.  

Sector Performance 

• NSE Consumer Goods Index: Gained 0.02%, due to the gains in MCNICHOLS (+10.00%), GUINNESS (+2.96%) and DANGFLOUR (+1.24%).
  

• NSE Oil & Gas Index: Declined by 1.11%, due to the losses in FO (-9.88%), JAPAULOIL (-3.85%) and OANDO (-2.08%).

• NSE Banking Index: Shed 1.08%, following the sell-offs in STERLNBANK (-8.00%), ACCESS (-5.43%) and GUARANTY (-0.65%).

• NSE Industrial Index: Depreciated by 0.04%, driven by losses in WAPCO (-2.50%) and CUTIX (-1.67%).

Market Insight  

The equities market closed up today due to the gains recorded in MTN, despite the losses in most sectors. We still maintain that prices at current level presents decent entry opportunities for investors with medium to long term horizon.