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 Industrial goods sectors (1.71%) w/w, and Insurance (+0.70%).
A total of twenty-two (22) equities appreciated in price during the week lower than fifty-three (53) equities in the previous week. forty-one (41) equities depreciated in price higher than twenty-one (21) in the previous week, while nighty-four (94) equities remained unchanged.
The Market Indicators NGX-ASI increased by 0.48% w/w to close for the week at 55,794.51absolute points compared to 55,529.21 absolute points the previous week. While the Market Capitalization also increased by 0.48% w/w, to close at ₦30.395 trillion as against ₦30.25 trillion the previous week, as investors’ wealth dropped by N14.6billion.
The uptrend was influenced by gains recorded in some medium and large capitalized stocks, amongst which are; JBERGER (+10.00%), TRANSEXPR (+9.88%), INTENEGINS (+8.33%), UACN (+8.24%), TRANSCORP (+7.81%), NGXGROUP (+6.27%), DANGCEM (+3.60%), UBN (+2.27%), GUINNESS (+1.45%), MTNN (+1.35%), NAHCO (+1.20%), and FBNH (+0.23%).
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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