Nigerian Stocks Gain +1.91% as Lower TBills Rates Support Buy Sentiments in the Equities Market.

November 14, 2019/InvestmentOne Report

The Nigerian equities market closed positive today as NSE-ASI gained 1.91% to close at 26,843.11pts.

Similarly, market breadth index was positive with 34 gainers against 3 losers.                                                                                                                                                                              EKOCORP (+9.79%) was the top gainer while IKEJAHOTEL (-9.38%) led the loser’s chart today.  

  Sector Performance 

·         NSE Banking Index: Surged by 7.04%, as a result of the gains recorded in FBNH (+9.65%),  ACCESS (+9.64%), FCMB (+9.50%), UBA (+8.82%), ZENITHBANK (+7.58%) and GUARANTY (+6.79%).

·         NSE Industrial Index: Rose by 1.24%, on the back of the increase in WAPCO (+5.71%).

·         NSE Consumer Goods Index: Closed up by 0.98%, due to the buy interests in GUINNESS (+9.70%), DANGSUGAR (+9.55%) and UACN (+1.36%).

·         NSE Oil & Gas Index: Gained 0.92%, due to the rise in OANDO (+9.06%).

Market Insight 

The equities market closed up today following the buy interests recorded in all 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.

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