The Nigerian equity market closed trading activities for the last week in 2022 in green, although market opened for only three trading days as Monday 26th December, 2022 and Tuesday 27th December, 2022 were declared as a public holidays, to mark the Christmas celebration. The positive outturn was attributed to investors’ increased appetite in some blue chip stocks such as; AIRTELAFRI,NESTLE, MTNN, SEPLAT and others, as Investors’ wealth advanced by N841.50 billion last week. A total of 44 stocks appreciated last week higher than 41 stocks the previous week. Furthermore, the Market Indicators NGX-ASI grew by 3.11% w/w to close for the week at 51,251.06 absolute points compared to 49,706.09 absolute points the previous week. While the Market Capitalization also increased by 3.11% w/w, to close at ₦27.92 trillion as against ₦27.07 trillion the previous week.
The uptrend was influenced by gains recorded in some medium and large capitalized stocks, amongst which are; CWG (+31.17%), GEREGU(+29.00%), WEMABANK(+21.12%), CORNERST(+20.00%), THOMASWY(+19.75%), PRESCO (+14.11%), NESTLE(+12.24%), CHIPLC(+11.67%), UNITYBNK(+10.00%), FCMB(+10.00%), CAVERTON(+10.00%), AIRTELAFRI(+9.88%), NB(+9.04%), ROYALEX(+8.16%), MAYBAKER(+7.50%), AIICO(+7.27%), ETERNA(+7.04%), INTBREW(+6.82%), NAHCO(+6.67%), CADBURY(+6.25%), NEIMETH(+5.93%), SEPLAT(+4.76%), DANGSUGAR(+3.55%), FLOURMILL(+2.90%), AFRIPRUD(+2.56%), GTCO(+2.45%), WAPCO(+2.35%), MANSARD(+2.04%), UBA(+1.33%), HONYFLOUR(+1.30%), OANDO(+0.51 %), MTNN (+0.47%) and NGXGROUP(+0.20%).
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.
Check out previous Stock Recommendations
