Nigerian Stocks Surge, Records +2.04% Week-on-Week Gains

November 15, 2019/InvestmentOne Report

The Nigerian equities market closed somewhat flat today as NSE-ASI rose marginally by 0.03% to close at 26,851.68pts. Similarly, the market gained 2.04% WTD.

Market breadth index was positive with 22 gainers against 11 losers.                                                                                                                                                                              GUINNESS (+10.00%) was the top gainer while LEARNAFRCA (-9.40%) led the loser’s chart today.

ACCESS (-2.78%)  was the most actively traded stock with about 159million units of shares worth about N1.69billion. 

Sector Performance 

·         NSE Industrial Index: Rose by 1.37%, on the back of the gains in CCNN (+5.26%), CUTIX (+0.74%) and WAPCO (+0.68%).

·         NSE Consumer Goods Index: Closed up by 1.63%, due to the buy interests in GUINNESS (+10.00%), CHAMPION (+10.00%), DANGSUGAR (+7.34%), FLOURMILL (+6.91%) and NB (+2.11%).

·         NSE Oil & Gas Index: Gained 0.34%, due to the rise in OANDO (+3.15%).

·         NSE Banking Index: Lost 1.68% as a result of the profit taking in GUARANTY (-3.01%),  FIDELITY (-2.91%), ACCESS (-2.78%) and ZENITHBANK (-1.57%). 

Market Insight 

The equities market closed somewhat flat today as result of the gains in most sectors which offset the losses recorded in the Banking sector. We still maintain our view 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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