NSE Indices Down -0.60% Dragged by Banking Sector

November 18, 2019/InvestmentOne Report

The Nigerian equities market closed somewhat flat today as NSE-ASI rose marginally by 0.60% to close at 26,6911.09pts.

However, market breadth index was positive with 22 gainers against 15 losers.                                                                                                                                                                               GUINNESS (+10.00%) was the top gainer while LEARNAFRCA (-9.40%) led the loser’s chart today.

UACN (+2.27%)  was the most actively traded stock with about 103million units of shares worth about N636million. 

Sector Performance 

·         NSE Banking Index: Lost 2.00%, as a result of the profit taking in WEMABANK (-7.89%),  FCMB (-7.50%), ACCESS (-6.67%), STERLNBANK (-4.93%) and UBA (-4.73%).

·          NSE Consumer Goods Index: Closed up by 0.42%, due to the buy interests in GUINNESS (+8.70%) and DANGSUGAR (+2.14%).

·         NSE Oil & Gas Index: Closed flat.

·         NSE Industrial Index: Closed flat. 

Market Insight 

The equities market closed down today as result of the loss in Banking sector 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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