Nigerian Equities Market Closes Second Session Positive on Bellwether Stocks

November 7, 2017/InvestmentOne Research

The equities market closed the second trading session of the week positive, advancing +0.22%. 

DIAMONDBNK (+5.17%) topped the gainers’ chart while INTBREW (-9.29%)  led the laggard list.  

Market breadth index closed positive as  23 stocks  gained as against 17 decliners. 

DIAMONDBNK (+5.17%) was the most actively traded stock with c.83m units of shares while NB (-0.61%) led the value chart with c.N794m worth of shares exchanged.  

Sector Performance  

·         NSE Banking Index: Closed up +0.45% driven by the buy interest in ZENITHBANK (+0.43%), GUARANTY (+0.67%) and FBNH (+1.00%) which cancelled out the decline in ACCESS (-0.39%).

·         NSE Consumer Goods Index: Shed -0.66% on the back of the sell-off in NB (-0.61%) and INTBREW (-9.29%)

·         NSE Oil & Gas Index: Closed down -0.21% following the decline in MOBIL (-4.98%) which weighed down the gain in  TOTAL (+2.22%)

·         NSE Industrial Index: Up +0.46%  largely due to gain in DANGCEM (+0.88%).

Earnings Release 

NIL 

Market Insight 

The ASI closed positive today as market was largely driven by gains in bellwether stocks. Going forward, we are likely to see the ASI remain volatile in the absence of a positive catalyst.This may present good entry opportunities in our recommended names.  

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

 

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