Nigerian Stocks Reverses Previous Gains, Sheds 0.96% on Renewed Profit-Taking

November 14, 2017/InvestmentOne Research

The NSE-ASI reversed gains made yesterday to close today’s trading session on a negative note, shedding -0.96%. 

VITAFOAM (+4.98%) topped the gainers’ chart, while CAVERTON (-9.38%) was the worst performer.  

Market breadth index closed negative as 12 stocks gained against 32 stocks that declined.  

FBNH (-1.67%) was the most actively traded stock with c.76m units of shares worth c.N542m.  

Sector Performance  

·         NSE Banking Index: Losses in  ZENITHBANK (-4.67%) and FBNH (-1.67%) drove the sector down by -1.38%. 

·         NSE Industrial Index: Shed -1.39% on the back of sell-off in DANGCEM (-0.61%) 

·         NSE Oil and Gas Index: The buy interest in FO (+1.36%) contributed to the sectors positive close (+0.15%) 

·         NSE Consumer Goods Index: Down -1.30% following sell-off in FLOURMILL (-2.62%) and NB (-0.55%). 

Earnings Release 

NIL

Market Insight 

The ASI reversed gains in yesterday’s trading session following sell-off in sector heavyweights: DANGCEM and ZENITHBANK. Going forward, we may see the market react to the recent deletion and reclassification of some Nigerian stocks on the MSCI frontier index.

TOP PICKS: ACCESS, DANGCEM, GUARANTY, NB, NESTLE, UBA & ZENITHBANK

 

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