July 23, 2019/InvestmentOne Report

The Nigerian equities market closed positive today as NSE-ASI gained 1.21% to close at 28,144.87pts. 

Similarly, market breadth index was positive with 21 gainers against 15 losers.                                  NEIMETH (+10.00%) led the gainers’ chart today while FO (-9.93%) was the top loser. 

GUARANTY (-0.17%) was the most actively traded stock with over 15million units of shares worth about  N453million.

Sector Performance

·         NSE Industrial Goods Index: Rose by 3.91%, on the back of the buy interests in WAPCO (+9.92%), CCNN (+4.58%) and DANGCEM (+2.35%). 

·         NSE Consumer Goods: Advanced by 1.66%, due to the gains in UACN (+5.36%), NESTLE (+5.32%), CADBURY (+5.09%) and HONYFLOUR (+1.04%).

·         NSE Banking Index: Closed up by 0.46%, following buy interest in UBN (+6.20%), STERLNBANK (+3.85%), WEMABANK (+3.33%), FIDELITYBK (+1.57%) and FBNH (+0.88%).

·         NSE Oil & Gas Index: Declined by 0.66% driven by the sell-offs in FO (-9.93%) and JAPAULOIL (-4.76%).  

Market Insight 

The equities market closed up today due to the gains in most sectors. Despite the recent losses, we maintain that investors should take positions in quality names with a medium to long time investment horizon.