Equities Reverses Gains, Driven by DANGCEM, ZENITHBANK

November 9, 2017/InvestmentOne Research

The equities market reversed previous gains as market closed negative today, declining by -0.24%. 

CAVERTON (+9.46%) was the market’s best performer while LAWUNION (-4.62%) topped the losers’ chart. 

However, market breadth index closed somewhat flat as 21 stocks gained against 22 stocks that declined. 

GUARANTY (+0.95%) led the market in terms of total volume and value traded with a total of c.34m units of shares worth c.N1.4bn.   

Sector Performance 

·         NSE Banking Index: Closed in the red -0.29% following losses in DIAMONDBNK (-3.31%), FIDELITY(-4.41%) and ZENITHBANK (-1.88%). 

·         NSE Industrial Index: Declined by -0.47%  following sell-off in DANGCEM (-0.86%). 

·         NSE Oil and Gas Index: Closed in the green +1.23% on the back of gains in FO (+5.00%) and MOBIL (+7.84%). 

·         NSE Insurance Index: Advanced +0.34% following investors interest in CONTINSURE (+4.35%) and  AIICO (+1.85%). 

·         NSE Consumer Goods Index: Gained +0.06% on the back of gains in INTBREW (+8.38%) and CADBURY (+4.19%). 

Earnings Release

·         NIL

Market Insight 

The ASI reversed gains in yesterday’s trading session following sell-off on sector heavy weight DANGCEM  and ZENITHBANK. Going forward, we may see the market trade sideways in the absence of any catalyst to drive market activities.

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

opan



investadvocate