March 9, 2020/InvestmentOne Report
The Nigerian equities market closed negative today as NSE-ASI lost 2.41% to close at 25,647.54pts.
In today’s trade, market breadth index was strongly negative with 39 losers against 1 gainer.
ACCESS (-10.00%) led the losers’ chart while was the top gainer CHIPLC (+7.14%).
ZENITHBANK (-9.84%) was the most actively traded stock with about 54million units of shares worth about N907million.
Sector Performance
· NSE Banking Index: Fell by 8.95%, due to the sell-off in STANBIC (-10.00%), ACCESS (-10.00%), FIDELITYBK (-10.00%), GUARANTY (-10.00%) and ZENITHBANK (-9.84%).
· NSE Consumer Goods Index: Shed 2.49%, as a result of the declines in UNILEVER (-10.00%) NB (-9.93%), HONYFLOUR (-9.38%) and CADBURY (-9.26%).
· NSE Oil & Gas Index: Was down by 1.41%, as a result of the losses in CONOIL (-10.00%) and OANDO (-10.00%) .
· NSE Industrial Index: Closed Flat.
Performance of key stocks
S/N | Stock | Current Price (N) | 1-day change (%) | Week to date change (%) |
1 | ACCESS | 7.65 | -10.00% | -10.00% |
2 | DANGCEM | 170.00 | 0.00% | 0.00% |
3 | FBNH | 4.85 | -9.35% | -9.35% |
4 | FIDELITYBK | 1.80 | -10.00% | -10.00% |
5 | GUARANTY | 22.15 | -9.96% | -9.96% |
6 | MTNN | 115.00 | 0.00% | 0.00% |
7 | UBA | 6.25 | -9.42% | -9.42% |
8 | SEPLAT | 605.00 | 0.00% | 0.00% |
9 | ZENITHBANK | 16.95 | -9.84% | -9.84% |
10 | OKOMUOIL | 61.40 | 0.00% | 0.00% |
The equities market closed down today due to the losses recorded in all sectors. While we believe the risk-off sentiment on the back of weak oil price as well as the impact of Coronavirus could have caused the recent sell-off in the market, we opine that this may be one of the best periods to start picking some of the quality names with a medium to long term horizon.
