Nigerian Stocks Close Green, ASI up 0.22% on Gains in Consumer Goods Counters

October 12, 2017/InvestmentOne Research

ASI gains +0.22% 

Also, market breadth index closed positive as 30 stocks advanced compared with 13 stocks that declined.

MANSARD (+6.49%) topped the gainers’ chart while UPL (-4.90%) was the worst performer.

In the same vein as yesterday, DIAMONDBNK (+5.00%) was the most actively traded stock with 309m units of shares, while NESTLE (+0.56%) led the market in regards to value with N1.35bn worth of shares exchanged.

Sector Performance  

·         NSE Banking Index: Only sector to end in the red (-0.32%) as a result of profit taking on GUARANTY (-0.71%) and UBN (-4.17%) despite support from FBNH (+0.33%) and ACCESS (+0.21%).

·         NSE Consumer Goods Index: Buy interest in NB (+0.66%) and NESTLE (+0.56%) led the index up +0.61%.

·         NSE Industrial Index: Closed fairly unchanged (+0.01%).

·         NSE Oil & Gas Index: Best performer (+0.22%) following the gains in FO (+2.04%).

Earnings Release

NIL

Market Insight

While the Banking sector, with support from DIAMONDBNK, supported the improvement in activity levels today, bellwether stocks in the Consumer space drove the positive close to the equities market. This may not be unconnected with investors taking advantage of the recent sell-off in NB particularly. In the near term, we expect market direction to be influenced by investors positioning for the release of Q3 2017 scorecards. Nonetheless, we see the recent profit taking as an entry opportunity in our recommended names.

TOP PICKS: ACCESS, DANGCEM, GUARANTY, NB, NESTLE, UBA & ZENITH BANK

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