November 6, 2019/InvestmentOne Report

The Nigerian equities market closed negative as NSE-ASI lost 0.58% to close at 26,223.66pts.

Similarly, market breadth index was negative with 12 losers against 10 gainers.                                 PRESCO (-9.90%) was the top loser today while CORNERST (+8.89%) led the gainer’s chart.

  Sector Performance 

·         NSE Consumer Goods Index: Dropped by 0.50%, due to the loss in INTBREW (-9.69%).

·         NSE Industrial Index: Was down by 0.45, on the back of the decline in DANGCEM (-1.07%).

·         NSE Banking Index: Fell by 0.05%, as a result of the selloffs recorded in FIDELTYBNK (-6.88%),  STANBIC (-3.08%), UBA (-2.33%) and FBNH (-0.91%)

·         NSE Oil & Gas Index: Closed Flat

Market Insight 

The equities market closed negative today following the losses recorded in most sectors. 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.