Nigerian Stocks Sustain Bullish Run Third Straight Session, Driven by Investors Sentiment on Bellwether Counters

December 6, 2017/InvestmentOne Report

The equities market printed in positive territory for the third consecutive trading session to close up +1.51%. 

FBNH (+10.12%) had the best performance, while GLAXOSMITH (-5.00%) was the top loser.   

Furthermore, market breadth index, a measure of investors’ sentiment, was largely positive as 40 stocks gained against 13 stocks that declined. 

Similar to yesterday, CUSTODYINS was the most actively traded stock with c.131m units of shares accounting for c.19% of total volume, while ZENITHBANK (+4.12%) topped the value chart with N1.84bn worth of shares exchanged.  

Sector Performance  

·         NSE Consumer Goods Index: Advanced by +1.51%, following the buy interest in NB (+1.74%) and DANGSUGAR (+6.58%) 

·         NSE Banking Index: Gained +2.97% with support from ZENITHBANK (+4.12%), FBNH (+10.12%) and UBA (+5.78%). 

·         NSE Industrial Index: Increased by +0.24%, largely driven by DANGCEM (+0.40%). 

·         NSE Oil and Gas Index: Closed today’s trading session flat. 

Earnings Release 

    NIL

Market Insight 

The equities market continued its bullish run for the third consecutive trading session in the week, as positive investors’ sentiment towards some bellwether stocks, especially the banking names, drove the market performance. Going forward, we highlight the potential for profit taking from the recent gains in the market. However, this may present an entry opportunity in our recommended names.

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

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