Nigerian Stocks Opens Week Positive, Driven by Gains in Banking, Consumer Goods Counters

November 20, 2017/InvestmentOne Research

The NSE-ASI began the week on a positive note, gaining +0.24% to close today’s trading section at 36,792.60pts. 

Market breadth index closed positive as 17 stocks gained against 15 stocks that declined.  

The best performing stock was PZ (10.23%) while FO (-9.73%) was the top loser.  

With respect to volume of shares traded, CUSTODYINS topped while ZENITHBANK (+3.57%) topped the value chart in the market today with c.40m unit of shares and c.N319m respectively. 

Sector Performance  

·         NSE Banking Index: The index rose by +0.52% on the back of gains recorded in ZENITHBANK (+3.57%) and FBNH (+1.45%).  

·         NSE Consumer Goods Index: Closed positive +0.52% following the gains in PZ (10.23%), DANGSUGAR (+4.33%) and NESTLE ( +0.39%). 

·         NSE Oil and Gas Index: Closed down -1.07% majorly driven by the loss in FO (-9.73%)  

·         NSE Industrial Index: Closed flat today.  

Earnings Release 

·         NIL

Market Insight 

The equities market closed positive today following the gains in some banking and consumer goods names. Going forward, we expect the market to trade sideways in the absence of any positive catalyst, even as investors take profit from recent gains. 

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

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