Nigerian Stocks Sustain Bullish Streak, NSEASI Up +0.63% on Buy Interest in Banking, Consumer & Industrial Goods Counters

April 17, 2018/InvestmentOne Report

The Nigerian equities market closed positive today as NSE-ASI gained 0.63%.
Similarly, market breadth index ended positive with 33 stocks gaining against 18 stocks that declined.
UNITYBNK (+9.48%) was the top gainer today while CCNN (-5.00%) had the worst performance.
FCMB (+5.00%) was the most actively traded with 953million units of shares worth N2.3billion.
Sector Performance
NSE Industrial Index: Advanced by 1.75%, following the gain in WAPCO (+3.56%).
NSE Banking Index: Appreciated by 1.32%, largely driven by the buy interest in UNITYBNK (+9.48%), SKYEBANK (+9.09%), DIAMONDBNK (+6.42%) and FIDELITYBK (+4.92%).
NSE Consumer Goods Index: Inched up 0.60%, on the back of the gains in DANGFLOUR (+3.88%), UNILEVER (+1.85%), and NESTLE (+0.89%).
NSE Oil & Gas Index: Fell marginally by  0.02%, as a result of the sell-off in ETERNA (-1.27%).
Earnings Release
Nil
Market Insight
The Nigerian equities market closed up today following the buy interest in Industrial, Banking and Consumer Goods 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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