The Nigerian equity market closed trading activities last week bullish, although investors positive sentiment was only dominant in one of the five trading days. The market negative performance in the previous week was due to investors’ massive sell-off in all the major sectors.
The Market Capitalization and NGX All-Share Index depreciated by 1.58% to close the week at 54,915.39 and N29.916 trillion respectively. All other indices closed lower with the exception of NXG Growth and NGX Consumer Goods which appreciated by 2.90% and 1.11% respectively.
Nineteen (19) equities appreciated in price during the week, forty-seven (47) equities depreciated in price while ninety-one (91) equities remained unchanged, lower than ninety-four (94) equities recorded in the previous week
The downtrend was witnessed in some medium and large capitalized stocks, amongst which are; UCAP (-16.72%), LINKASSURE (-10.87%), ETI (-10.00%), ACCESSCORP (-8.20%), NEIMETH (-7.59%), OANDO (-7.24%), GTCO(-7.17%), AIICO (-6.56%), GEREGU (-6.46%),FLOURMILL (-5.92%), MTNN (-4.95%), ZENITHBANK (-4.65%), and NAHCO (-2.38%).
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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