Nigerian Equities Market Wrap 24 October 2017 – ASI closes positive at +0.33%

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October 24, 2017/InvestmentOne Research

The Nigerian equities market advanced +0.33% today. 

Market breadth index closed positive  today reversing the previous downtrends as 24 stocks gained against 15 stocks that declined.  

The best performing stock was NASCON (+10.23%) while CILEASING (-5.00%) was the top loser.                        

UBA (+1.11%) topped the volume while GUARANTY (+0.36%) topped the value chart in the market today with c.33m units of shares  and c.N389mn respectively.  

Sector Performance  

·         NSE Banking Index: The index  rose by +0.58%  on the back of gains recorded in ACCESS (+1.33%) and UBA (+1.11%).

·         NSE Consumer Goods Index: Closed positive +1.22% as a result of the gains in UACN (+3.67%) and DANGFLOUR (+3.62%).

·         NSE Industrial Index: Closed down  -0.23% driven by the losses in  DANGCEM (-0.99%)

·         NSE Insurance Index: Closed down, -0.56% driven by the losses in LAWUNION (-4.05%) and  MANSARD (-0.28%) 

Market Insight 

The ASI closed positive in today’s trading session (c.N1.7bn worth of shares traded) as investors sentiment remained fairly weak . Going forward we expect performance in the market to be largely driven further by earnings releases and expectations. We expect investors to still take position in some of the fundamentally sound stocks in our topic picks.

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

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