February 12, 2018/InvestmentOne Report
The Nigerian equities market sustained its downtrends as ASI opened the week on a bearish note, losing -0.90%.
Market breadth index was negative as 36 stocks declined against 13 stocks that gained.
The market best performer was PZ (+5.83%) while ETERNA (-9.67%) topped the losers’ chart.
SKYEBANK was the most actively traded stocks with c.73million units of shares worth c.N79m.
· NSE Banking Index: Declined by -3.80%, largely driven by the sell-off in FBNH (-5.00%), GUARANTY (-5.00%), FIDELITYBK (-4.91%), ZENITHBANK (-4.85%) and STERLNBANK (-4.66%).
· NSE Consumer Goods Index: Closed down by -0.95% on the back of the losses in DANGSUGAR (-4.83%), HONYFLOUR (-3.73%), FLOURMILL (-3.37%) and NB (-2.85%).
· NSE Industrial Index: Lost -0.37% following the loss in WAPCO (-3.85%).
· NSE Oil and Gas Index: Shed -0.16% on account of the decline in ETERNA (-9.67%).
The Nigeria equities market was bearish today, largely driven by the sell-off across most sectors. In the near term, we expect the market to trade sideways even as investors continue to take positions in this earnings season. Despite the sell-off we saw in the market recently, we believe this may present entry opportunities into our quality names for investors with a medium to longer term horizon.
TOP PICKS: ACCESS, DANGCEM, GUARANTY, NB, NESTLE, UBA & ZENITHBANK