Nigerian Stocks Open Week Bearish on Profit-Taking in Bellwether Counters

L – R: Shows Oscar Onyema, CEO NSE presenting a replica of the Closing Gong to Mr. Akeem Oyewole, Acting Chairman, Stanbic IBTC Asset Management Ltd during the Memorandum Listing of Stanbic IBTC Mutual Funds at the Exchange on Monday.

December 11, 2017/InvestmentOne Research

The NSE-ASI closed the first trading session of the week negative, falling by -0.88%. 

Similarly, market breadth index ended negative (-0.14x) as 28 stocks declined compared with 14 stocks that gained. 

MOBIL (+9.47%) led the market’s performance against UBA (-5.00%), which was the worst performer.  

FBNH (+0.89%) was the most actively traded stock with c.61million units of shares worth N553.13million. 

Sector Performance  

·        NSE Banking Index: Worst performer (-1.99%) on the back of the profit taking on UBA (-5.00%), STERLNBANK (-3.54%) and the decline in ZENITHBANK (-3.27%).  

·         NSE Industrial Index: Closed in the red (-1.35%) due to the profit taking on DANGCEM (-1.67%) and WAPCO (-1.17%). 

·         NSE Oil and Gas Index: Closed in the green (+1.06%) due to support from MOBIL (+9.47%) and TOTAL (+0.87%). 

·        NSE Consumer Goods Index: Rose by +0.75% following the gains in NESTLE (+3.54%), DANGSUGAR (+3.30%), CADBURY (+2.83%) and DANGFLOUR (+2.28%) which more than offset the sell-off in UACN (-4.63%). 

Earnings Release 

NIL 

Market Insight

Profit taking on several bellwether stocks led the market to a negative close. With this said, we see the recent sell-off as an entry opportunity in our recommended names for investors with a medium to long term horizon.

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

 


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