Stocks Close Negative on Weak Investors Sentiment, Mixed Movement in Large Bank, Oil & Gas Counters

November 6, 2017/InvestmentOne Research

The Nigerian equities market closed marginally down today, losing -0.02%. 

DIAMONDBNK (+9.43%) was the market’s best performer while CHAMPION (-4.92%) topped the losers’ chart. 

Market breadth index closed positive as 23 stocks gained against 20 stocks that declined. 

JAIZBANK (-3.23%) led the market in terms of volume with a total of c.226m units of shares while NB (-0.03%) led the value chart with  N452m worth of shares traded. 

Sector Performance  

·         NSE Banking Index: Closed positive +0.19% following the gains in DIAMONDBNK (+9.43%), FIDELITYBNK (+5.00%) and GUARANTY (+1.31%). 

·         NSE Consumer Goods Index: Closed in the red -0.20% on account of the sell-off in CHAMPION (-4.92%), HONYFLOUR (-4.11%) and INTBREW (-3.52%) . 

·         NSE Insurance Index: Declined by -0.80% following losses recorded in LAWUNION (-4.23%) and  NEM (-3.68%). 

·         NSE Oil and Gas Index: Shed (-0.65%) due to decline in TOTAL (-4.66%). 

·         NSE Industrial Index: Closed flat today. 

Earnings Release

·         NIL 

Market Insight 

The ASI closed somewhat flat today as investors’ sentiment was relatively low. The market was largely driven by the mixed movements in large cap stocks in Banking as well as Oil & Gas sectors. Going forwards, we may see investors take profit on recent gains. Nonetheless, this may present an entry opportunity in our recommended names.

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

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