The Nigerian equity market closed trading activities last week positive, although investors positive sentiment was only dominant in three of the five trading days. The market positive performance in the previous week was buoyed by investors’ increased appetite for stocks in all the major market sectors, led by the Consumer goods (+5.65%) w/w, Industrial goods sectors (1.40%) w/w, and Banking (+1.16%) w/w.A total of Fifty-three (53) equities appreciated in price during the week higher than thirty-nine (39) equities in the previous week. Twenty-one (21) equities depreciated in price lower than twenty-two (22) in the previous week, while eighty-three (83) equities remained unchanged. Furthermore, the Market Indicators NGX-ASI increased by 1.06% w/w to close for the week at 55,529.21 absolute points compared to 54,949.21 absolute points the previous week. While the Market Capitalization also increased by 1.06% w/w, to close at ₦30.25 trillion as against ₦29.93 trillion the previous week, as investors’ wealth dropped by N76.87billion.
The uptrend was influenced by gains recorded in some medium and large capitalized stocks, amongst which are; GEREGU POWER PLC (+27.45%), C & I LEASING PLC. (+20.61%), UBA STANBIC IBTC HOLDINGS PLC (+18.84%), OANDO PLC (+14.00%), MRS(+12.93%), DANGSUGAR(+11.63%), BUAFOODS(+10.47%), VERITASKP(+10.00%), CONOIL (+9.98%), ARDOVA(+9.76%), WEMABANK(+8.75%), FLOURMILL(+4.52%), HONYFLOUR(+4.46%), GTCO(+3.92%, UNILEVER(+2.22%), and FBNH(+0.43%).
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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