March 23, 2020/InvestmentOne Report
The Nigerian equities market closed negative today as NSE-ASI lost 2.24% to close at 21,700.98pts.
Similarly, in today’s trade, market breadth index was negative with 25 losers against 9 gainers.
DANGSUGAR (-10.00%) was top loser while MAYBAKER (+8.94%) led the gainers’ chart.
ZENITHBANK (-9.70%) was the most actively traded stock with about 120million units of shares worth about N1.30billion.
Sector Performance
· NSE Banking Index: Fell by 9.00%, as a result of the sell-offs in GUARANTY (-9.95%), UBN (-9.72%), ZENITHBANK (-9.70%), ETI (-9.18%) and ACCESS (-7.69%).
· NSE Consumer Goods Index: Shed 3.61%, as a result of the losses in DANGCEM (-10.00%), NB (-10.00%), UNILEVER (-9.87%), INTBREW (-9.09%) and CADBURY (-9.60%).
· NSE Oil & Gas Index: Was down by 0.83%, as a result of the loss in OANDO (-9.05%).
· NSE Industrial Index: Decreased by 0.79%, due to the decline in WAPCO (-9.90%).
Performance of key stocks
S/N | Stock | Current Price (N) | 1-day change (%) | Week to date change (%) |
1 | ACCESS | 5.40 | -7.69% | -7.69% |
2 | DANGCEM | 129.70 | 0.00% | 0.00% |
3 | FBNH | 3.85 | -3.75% | -3.75% |
4 | FIDELITYBK | 1.74 | 2.96% | 2.96% |
5 | GUARANTY | 16.75 | -9.95% | -9.95% |
6 | MTNN | 103.00 | 0.00% | 0.00% |
7 | UBA | 4.50 | -10.00% | -10.00% |
8 | SEPLAT | 544.50 | 0.00% | 0.00% |
9 | ZENITHBANK | 10.70 | -9.70% | -9.70% |
10 | OKOMUOIL | 55.05 | 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.
