July 3, 2019/InvestmentOne Report

The Nigerian equities market closed negative today as NSE-ASI lost 0.07% to close at 29,375.22pts. 

Similarly, market breadth index was negative with  23 losers against 16 gainers.

BOCGAS (+9.93%) led the gainers’ chart today while MORISON (-10.00%) was the top loser. 

MORISON (-10.00%) was the most actively traded stock with over 44million units of shares worth about  N24million.

Sector Performance

·         NSE Oil & Gas Index: Declined by 0.71%, due to the losses in MOBIL (-9.71%) and TOTAL (-1.33%). 

·         NSE Banking Index: Shed 0.59%, following the sell-offs in ETI (-2.91%), UBA (-2.40%), FBNH (-2.33%), WEMABANK (-1.54%) and ZENITHBANK (-1.03%).

·         NSE Industrial Index: Advanced by 1.65%, following the gains in WAPCO (+6.00%) and CCNN (+3.57%). 

·         NSE Consumer Goods Index: Gained 0.48%, on the back of the buy interest in UNILEVER (+4.23%), DANGSUGAR (+2.80%) and HONYFLOUR (+0.57%).  

Market Insight 

The equities market closed down today due to the losses in Oil & Gas and Banking sectors. Despite the recent losses, we maintain that prices at current level present decent entry opportunities for investors with medium to long term horizon.