Nigerian Stocks Sheds 0.52%, Mauled by Banking, Consumer Goods, Oil& Gas Tickers

November 21, 2017/InvestmentOne Research

After a positive start to the week, the NSE-ASI closed in the red, shedding -0.52% in today’s trading session. 

CHAMPION (+9.09%) topped the gainers’ chart, while FO (-8.86%) was the worst performer.  

Market breadth index closed negative as 12 stocks gained against 22 stocks that declined.  

TANTALIZER was the most actively traded stock with c.44m units of shares worth c.N22m.  

Sector Performance  

·         NSE Banking Index: Lost -1.22% on the back of losses in ZENITHBANK (-2.96%) and GUARANTY (-1.38%). 

·         NSE Oil and Gas Index: Down -0.88%, solely driven by sell-off in FO (-8.86%). 

·         NSE Consumer Goods Index: Losses in NB (-3.25%) and UAC-PROP (-4.56%) more than outweighed gain UNILEVER (+2.16%) to drive the sector down by -0.66%. 

·         NSE Industrial Index: The sector was flat in today’s trading session. 

Earnings Release 

NIL

Market Insight 

The bourse reversed its strong opening to the week to close the day in the  red. This came in despite yesterday’s positive Q3 17 GDP reading (+1.40% YoY), as we saw sell-off on most counters. However, we remain optimistic on stocks on our recommended list and advise entry into them.  

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

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