Nigerian Stocks Open Week Bullish, NSEASI Inch Up + 0.14% on Buy Interest in Banking, Industrial Goods Counters

April 16, 2018/InvestmentOne Report

The Nigerian equities market opened the week on a bullish note, gaining 0.14%.
Similarly, market breadth index ended positive with 28 stocks gaining against 21 stocks that declined.
OANDO (+9.42%) was the top gainer today while UAC-PROP (-7.86%) had the worst performance.
GUARANTY (-0.23%) was the most actively traded with 36.6million units of shares worth N1.6billion.
Sector Performance
NSE Banking Index: Inched up 0.17%, largely driven by the buy interest in SKYEBANK (+10.00%), UNITYBNK (+4.50%), UBA (+1.88%) and ZENITHBANK (+1.53%).
NSE Industrial Index: Advanced by 0.14%, following the gain in WAPCO (+1.12%).
NSE Oil & Gas Index: Lost 0.72%, on the back of the sell-off in MOBIL (-5.00%).
NSE Consumer Goods Index: Fell marginally by 0.01%, on the back of the sell-off in NB (-3.08%), and DANGFLOUR (-1.53%).
Earnings Release
Forte Oil Plc on Friday, released its Q1 2018 results which showed a 54.46% y/y and 57.23% y/y improvement in Profit Before Tax and Profit After Tax to N3.17billion and N2.96billion respectively.
Presco Plc released its Q4 2017 results which showed a 86.05% y/y reduction in Profit Before Tax but a 34.14% y/y increment in Profit After Tax.
Market Insight
The Nigerian equities market closed up today following the buy interest in Banking and Industrial sectors. Going forward, we expect the market to trade sideways in the absence of positive news flow. With this said, we highlight the potential for the market to gain as investors reinvest dividend income.

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