October 29, 2019/InvestmenbtOne Report

The Nigerian equities market closed negative today as NSE-ASI lost 0.53% to close at 26,244.39pts.

However, market breadth index was positive with 13 gainers against 10 losers.                                                                                                                                                                              REDSTAREX (+9.88%) led the gainer’s chart while CHAMS (-4.35%) was the top loser today .  

FCMB was the most actively traded stock with about 51million units of shares worth about N82million.

  Sector Performance 

·         NSE Industrial Index:  Declined by 0.95%, as a result of the loss recorded in WAPCO (-4.01%).

·         NSE Banking Index: Fell by 0.94%, on the back of the losses in GUARANTY (-2.67%), UBA (-1.71%) and FIDELITYBK (-1.18%).

·         NSE Oil & Gas Index: Lost 0.16%, due to the declines in OANDO (-1.18%) and FO (-0.62%).

·         NSE Consumer Goods Index: Advanced by 0.08%, following the buy interests in GLAXOSMITH (+8.62%) and NB (+0.43%).

Market Insight 

The equities market closed down today following the losses recorded in most sectors as well as MTNN(-1.59%). Nonetheless, we maintain that investors should take positions in quality names with a medium to long time investment horizon as prices remain attractive at current levels.