Gains in Banking Sector Creates Upswing as Nigerian Equities Market Closes Positive

March 26, 2020/InvestmentOne Report

The Nigerian equities market closed positive today as NSE-ASI gained 0.13% to close at 21,757.47pts.

Similarly, in today’s trade, market breadth index was positive with 24 gainers against 7 losers.

UCAP (+10.00%) led the gainers’ chart while NESTLE (-10.00%) was the top loser.

ZENITHBANK (+2.98%) was the most actively traded stock with about 41million units of shares worth about N489million.

Sector Performance 

·         NSE Banking Index: Rose by 5.99%, on the back of the buy-interests in UBN (+10.00%), ACCESS (+9.82%),  UBA (+7.29%), STERLNBANK (+6.93%) and FIDELITYBK (+6.47%).

·         NSE Industrial Index: Dropped by 0.16%, due to the loss in WAPCO (-2.11%).

·         NSE Oil & Gas Index: Closed down by 0.21%, as a result of the decline in OANDO (-2.27%).

·         NSE Consumer Goods Index: Lost 4.61%, due to the sell-offs in NESTLE (-10.00%) and NB (-0.74%). 

Performance of key stocks 

S/N

Stock

Current Price (N)

1-day change (%)

Week to date change (%)

1

ACCESS

6.15

9.82%

5.13%

2

DANGCEM

129.70

0.00%

0.00%

3

FBNH

4.15

3.75%

3.75%

4

FIDELITYBK

1.81

6.47%

7.10%

5

GUARANTY

18.00

5.26%

-3.23%

6

MTNN

100.00

0.00%

-2.91%

7

UBA

5.15

7.29%

3.00%

8

SEPLAT

544.50

0.00%

0.00%

9

ZENITHBANK

12.10

2.98%

2.11%

10

OKOMUOIL

55.05

0.00%

0.00%

The equities market closed up today due to the gains recorded in the Banking sector. While we believe the risk-off sentiment on the back of weak oil price as well as the impact of Coronavirus could have caused the recent sell-off in the market, we opine that this may be one of the best periods to start picking some of the quality names with a medium to long term horizon.

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