Nigerian Equities Sustain Bullish Momentum, Gains 0.55% on Bellwether Counters

November 29, 2017/InvestmentOne Report

The equities market sustained its bullish trend as the NSE-ASI gained +0.55% in today’s trading session. 

FIDELITYBK (+9.94%) was the top gainer, while LIVESTOCK (-4.55%) had the worst performance.  

Market breadth index closed positive as 32 stocks gained against 8 stocks that declined.  

WAPIC was the most actively traded stock with c.76m units of shares worth c.N38m. 

Sector Performance  

·         NSE Banking Index: Gained +1.09% driven by the gains in FIDELITY (+9.94%), FCMB (+7.55%) and ETI (+3.16%). 

·         NSE Consumer Goods Index: Up by +1.01% following the rise in CHAMPION (+8.74%), CADBURY (+4.94%). and VITAFOAM (+4.83%). 

·         NSE Industrial Index: Closed positive +0.29% as a result of the advancement in PORTPAINT (+5.00%) and UPL (+3.32%). 

·         NSE Oil and Gas Index: Declined -0.72% as a result of the fall in MOBIL (-1.75%). 

Earnings Release 

    NIL 

Market Insight 

The ASI rose further today, gaining +0.55% , as the bullish sentiment across major sectors drove the market to a positive close. Going forward, we expect the market to be stable in the near term in the absence of any major positive catalyst. However, we remain optimistic on our recommended names and advise entry into them ahead of the earnings season and corporate actions.

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

 

opan



investadvocate