Weekly Market Summary: 32 tickers gain

• The NSEASI closed up by 1.05% as the bulls were increasingly charged in the week.
• FO +20.69%, NESTLE +13.53% and LEARNAFRCA +12.50% witnessed the highest uptick while a number of tier-two banks like UNITYBNK -21.26% and JAIZBANK -17.44% closed down due to sell-offs.
• The weekly market breadth closed negative at 0.94x with 32 gainers and 34 losers apiece. Market cap closed at NGN14.94trn while Y-t-D return settled at 7.85% in the last trading session.
• More results trickled in during the week. FBNH released its highly anticipated FY2017 results with gross earnings and PAT advancing by 2% and 179% apiece.
• The company proposed dividends of NGN0.25.
• We expect the current trend to be maintained in the coming week as more Q12018 results are released.

Consumer Goods Sector: NESTLE’s RSI closes at 98.15

• Investors’ appetite for some counters in this space increased during the week. NESTLE +13.53% closed deep in the overbought region at NGN1,615.
• CADBURY however, shed 4.83%, as the market reacted negatively to the 76% and 80% moderation in PAT and EPS in its recently released Q12018 results. The NSEFBT10 index gained a whooping 6.30% at the end of the week, settling its M-t-D and Y-t-D return higher at 3.53% and 3.75% respectively.

We expect investors to remain bullish on counters in this space in the coming week. Industrial Goods Sector: Nil uptick recorded w/w

• Huge sell-offs were observed on the counters of the two biggest players in this space. WAPCO -8.60% topped the losers’ chart to close lower at NGN42.00.
• DANGCEM -1.80% followed suit, shedding NGN4.50. Accordingly, the NSEIND index recorded the greatest decline (4.89%) week on week, with a Y-t-D return of 4.59%.

We expect bargain hunters to take position on WAPCO in the near term.

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