NSEASI Down -0.21% as AIRTEL Reverses Post Listing Gain

July 10, 2019/InvestmentOne Report

The Nigerian equities market closed negative today as NSE-ASI lost 0.21% to close at 29,256.60pts. 

Similarly, market breadth index was negative with 17 losers against 15 gainers.

NPFMCRFBK (+9.71%) led the gainers’ chart today while FO (-10.00%) was the top loser. 

ZENITHBANK was the most actively traded stock with over 45million units of shares worth about  N866million.

Sector Performance

·         NSE Oil & Gas Index: Fell by 1.06%, following the losses in FO (-10.00%),  CONOIL (-9.93%) and JAPAULOIL (-4.17%).

·         NSE Industrial Goods Index: Shed 0.54%, on the back of the sell-off in WAPCO (-1.09%) and DANGCEM (-0.69%).

·         NSE Banking Index: Closed up by 2.63%, following the buy interests in UBN (+9.49%), ETI (+4.21%), GUARANTY (+3.75%), and ACCESS (+2.27%).

·         NSE Consumer Goods: Advanced by 0.26%, due to the gains in MAYBAKER (+4.35%), UNILEVER (+3.13%) and DANGSUGAR (+0.47%).  

Market Insight 

The equities market closed down today due to the losses in Oil & Gas, Industrial sectors as well as AIRTELAFRI (-9.99%). Despite the recent losses, we maintain that prices at current level present decent entry opportunities for investors with medium to long term horizon.

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