March 15, 2018/InvestmentOne Report
The Nigerian equities market sustained its downtrends today as NSE-ASI shed 1.53%.
Similarly, market breadth index ended negative with 15 stocks gaining against 39 stocks that declined.
NPFMCRFBK (+9.78%) had the best performance while FIDELITYBK (-9.25%) topped the laggards chart.
ZENITHBANK (-3.85%) was the most actively traded with c. 66million units of shares worth c.N1.94billion.
NSE Banking Index: Shed 3.12%, on the back of the sell-off in FIDELITYBK (-9.25%), ACCESS (-4.45%), ZENITHBANK (-3.85%) , GUARANTY (-3.49%) and UBA (-2.10%).
NSE Oil & Gas Index: Closed down by 1.91%, largely driven by CONOIL (-4.97%), MOBIL (-4.03%) and SEPLAT (-2.23%).
NSE Industrial Index: Lost 1.26%, following the declines in CCNN (-4.95%) and DANGCEM (-2.31%).
NSE Consumer Goods Index: Gained 0.20% due to the rise in DANGSUGAR (+3.77%), NB (+1.60%) and NESTLE (+1.09%).
The Nigerian equities market printed in red today following the sell-off across most sectors. In the absence of any catalyst, we expect the market to remain volatile in the near term as investors continue to take positions in this earnings season. Nonetheless, we advise entry into our quality names for investors with a medium to longer term horizon.
TOP PICKS: ACCESS, DANGCEM, GUARANTY, NB, NESTLE, UBA & ZENITHBANK