September 10, 2019/InvestmentOne Update
The Nigerian equities market closed negative today as NSE-ASI lost 0.16% to close at 27,047.58pts.
In today’s trade, market breadth index was positive with 18 gainers and 12 losers. THOMASWY (-9.52%) led the loser’s chart while UAC-PROP (+9.26%)was the top gainer today.
GUARANTY (+1.32%) was the most actively traded stock with about 79million units of shares worth about N2.1billion.
· NSE Consumer Goods Index: Declined by 2.22%, due to the selloff recorded in NESTLE (-4.93%).
· NSE Industrial Index: Fell by 1.61%, on the back of the losses in CCNN (-6.61%) and DANGCEM (-0.45%).
· NSE Oil & Gas Index: Closed down by 0.19%, due to the loss recorded in FO (-3.45%).
· NSE Banking Index: Was lifted by 1.00%, as a result of the buy interests witnessed in ACCESS (+2.21%), GUARANTY (+1.32%), ZENITHBANK (+1.11%) STERLNGBANK (+0.87%) and UBA (+0.82%).
The equities market closed down today due to the losses recorded in the most sectors. We maintain that investors should take positions in quality names with a medium to long time investment horizon as prices remain attractive at current levels.