Nigerian Stocks Close 0.20% Down, On Sell-Offs in Dangote Cement, Nigerian Breweries

January 3, 2018/InvestmentOne Research

The NSE-ASI closed negative today, losing -0.20%. 

However, Market breadth index ended positive as 37 stocks gained against 11 stocks that declined. 

DIAMONDBNK (+9.55%) was the market’s best performer while MOBIL (-9.15%) topped the laggards’ chart. 

SKYEBANK (+1.92%) was the most actively traded stock with c.190million units of shares worth c.N102m. 

Sector Performance  

·         NSE Banking Index: Gained +1.22% following the advancement in DIAMONDBNK (+9.55%), FCMB (+9.49%) and FIDELITYBK (+8.53%). 

·         NSE Consumer Goods Index: Gains in DANGSUGAR (+7.42%), HONYFLOUR (+5.00%) and DANGFLOUR (+4.94%) drove the sector up by +0.53% . 

·         NSE Industrial Index: Advanced +0.58%, on the back of the gains in WAPCO (+4.92%) and CCNN (+3.68%). 

·         NSE Oil and Gas Index: Closed negative -1.41%, largely driven by the sell-off in MOBIL (-9.15%). 

Earnings Release 

NIL.

Market Insight 

The sell-off in NB and Dangcem  drove the market down today despite the improved sentiments in Banking and Consumer names. In the near term, we expect investors to take positions in anticipation of the release of full year results in Q1 2018. Similarly, we maintain our stance on our recommended names and advise entry ahead of the earnings season. 

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

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