Nigerian Equities Market Sustains Uptrend, Advances 0.34% on Gains in Large, Mid-Cap Stocks

November 8, 2017/InvestmentOne Research

The equities market continues its uptrend as it closed positive today, advancing by +0.34%. 

INTBREW (+10.24%) was the market’s best performer while UAC-PROP (-4.71%) topped the losers’ chart. 

However, market breadth index closed somewhat flat as 18 stocks gained against 19 stocks that declined. 

DIAMONDBANK (-0.82%) led the market in terms of volume with a total of c.36m units of shares while NB (-0.15%) led the value chart with  N451m worth of shares traded. 

Sector Performance  

·         NSE Consumer Goods Index: Closed in the green +0.38% on account of the gains in INTBREW (+10.24%), CADBURY(+3.86%) and VITAFOAM (+1.06%) . 

·         NSE Industrial Index: Advanced by +0.46% on the back of gains recorded in DANGCEM (+0.87%). 

·         NSE Banking Index: Closed negative -0.19% following the selloff in ACCESS (-0.89%), ZENITH (-0.85%) and DIAMONDBANK (-0.82%). 

·         NSE Insurance Index: Declined by -0.14% following losses recorded in LAWUNION (-4.41%) and  LINKASSURE (-3.95%). 

·         NSE Oil and Gas Index: Closed flat today. 

Earnings Release

·         NIL

Market Insight 

The ASI closed positive today as market was largely driven by gains in large and mid-cap stocks. Going forwards, we may see investors take profit on recent gains. This may present good entry opportunities in our recommended names.

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

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