Bears Sustain Hold on Nigerian Equities Market, as Benchmark Index Shed -2.41%

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February 13, 2018/InvestmentOne Research

The Nigerian equities market continued to be bearish as ASI dipped further today, losing -2.41%. 

Market breadth index was negative as 40 stocks declined against 15 stocks that gained. 

The market best performer was AGLEVENT (+7.02%) while PRESTIGE (-7.14%) topped the losers’ chart. 

DIAMONDBNK (-4.26%) was the most actively traded stocks with c.68million units of shares worth c.N181m. 

Sector Performance  

·         NSE Consumer Goods Index: Closed down by -2.83% on the back of the losses in DANGFLOUR (-4.73%), GUINNESS (-4.55%), HONYFLOUR (-4.23%) and INTBREW (-4.17%). 

·         NSE Industrial Index: Lost -1.61% following the loss in DANGCEM (-4.89%). 

·         NSE Oil and Gas Index: Shed -0.61% on account of the decline in  FO (-4.98%) and MOBIL (-0.25%). 

·         NSE Banking Index: Declined by -0.20%, largely driven by the sell-off in FCMB (-5.90%), UBA (-5.51%), UBN (-5.00%), DIAMONDBNK (-4.26%) and FBNH (-3.51%). 

Earnings Release 

Nil 

Market Insight 

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

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