The Nigerian equity market closed trading activities for last week in positive, as investors’ bullish sentiment was dominant in two out of the four trading sessions. The market positive performance in the previous week was propelled by increased buying interest in three of the five major market sectors, led by the Industrial goods sector with 3.17%( w/w) growth.
A total of 25 stocks appreciated last week higher than 11 stocks the previous week. Furthermore, the Market Indicators NGX-ASI rose by 0.46 % w/w to close for the week at 47,569.04 absolute points compared to 47,351.43, absolute points the previous week. While the Market Capitalization also increased by 0.46 % w/w, to close at ₦25.91 trillion as against ₦25.79 trillion the previous week, as investors’ wealth increased by N118.53 billion.
The uptrend was influenced by gains recorded in some medium and large capitalized stocks, amongst which are; MAY & BAKER(+13.82%), IKEJAHOTEL(+9.73%), NEIMETH(+9.52%), CORONATION(+9.37%), HONYFLOUR(+8.84%), BUACEMENT(+8.65%), AFRIPRUD(+8.00%), SOVRENINS(+7.69%), GTCO(+5.29%), ACCESSCORP(+5.26%), UNITYBNK(+4.88%),JAIZBNK(+4.65%),CORNERST(+4.00%),AIICO(+3.64%),UCAP(+3.18%),LIVESTOCK(+2.63%),ZENITHBNK(+2.30%),UBA(+2.22%),MULTIVERSE(+2.00%),FIDSON(+1.89%),REDSTAREX(+1.89%),CHAMPION(+1.39%), FCMB(+0.65%) and MANSARD(+0.61%).
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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