July 8, 2019/InvestmentOne Report
The Nigerian equities market opened the week on a positive note as NSE-ASI gained 0.06% to close at 29,287.87pts.
Similarly, market breadth index was positive with 17 gainers against 14 losers.
FLOURMILL (+10.00%) led the gainers’ chart today while FO (-10.00%) was the top loser.
WAPIC (+7.50%) was the most actively traded stock with over 84million units of shares worth about N34million.
Sector Performance
· NSE Consumer Goods: Advanced by 0.20%, due to the gains in FLOURMILL (+10.00%), CADBURY (+4.09%) and NASCON (+3.33%).
· NSE Industrial Goods Index: Inched up by 0.02%, on the back of the buy interest in CUTIX (+7.14%).
· NSE Oil & Gas Index: Declined by 1.44%, following the losses in FO (-10.00%) and TOTAL (-5.41%).
· NSE Banking Index: Lost 0.09%, following the sell-offs in FCMB (-1.90%), ZENITHBANK (-0.78%) and GUARANTY (-0.52%).
Market Insight
The equities market inched up today due to the gains in the Consumer and Industrial names. Despite the recent losses, we maintain that prices at current level present decent entry opportunities for investors with medium to long term horizon.
