The Nigerian equity market closed trading activities for last week in red, as investors’ bearish sentiment was dominant in three out of the four trading sessions, as Monday 3rd October 2022 was declared as public holiday to mark the nation’s Independence day.
The market negative performance in the previous week was spurred by sell-off in all the five major sectors, led by the Banking (-3.37%) and Insurance (-1.16%) sectors respectively, as the market capitalization dipped to N25 trillion. A total of 46 stocks depreciated last week higher than 33 stocks the previous week.
Furthermore, the Market Indicators NGX-ASI declined by 3.41% w/w to close for the week at 47,351.43 absolute points compared to 49,024.16 absolute points the previous week. While the Market Capitalization declined by 2.50% w/w, to close at ₦25.79 trillion as against ₦26.44 trillion the previous week, as investors’ wealth dropped by N660.35billion.
The downtrend was influenced by losses recorded in some medium and large capitalized stocks, amongst which are; NASCON(-15.64%), CORNERST(-10.71%), NEIMETH(-10.00%), AIRTELAFRI(-10.00%), PRESCO(-9.99%), OKOMUOIL(-9.98%), CADBURY(-9.93%), OANDO(-6.25%), STANBIC(-6.00 %), FCMB(-5.78%), UBN(-5.65%), ACCESSCORP(-5.59%), HONYFLOUR(-5.29%), FIDELITYBNK(-4.89%), GTCO(-4.23%), WAPCO(-4.08%), SOVRENINS(-3.70%), JAPAULGOLD(-3.57%), UBA(-3.57%), FBNH(-2.94%), WEMABANK(-2.90%), MANSARD(-2.40%), ZENITHBNK(-2.25%), and ETI(-1.33%).
BUY: This means the upside potential of the stock over the next 12 months is significantly high when the current price is compared to our fair value. Hence, investors may take positions in these stocks.
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