The Nigerian equity market closed trading activities last week bullish, as investors positive sentiment was dominant in four of the five trading days. The market positive performance for last week was due to investors’ increased buying interest in MTNN, DANGCEM, TOTAL and others, and also gains in all the major sectors except the Insurance sector which declined by 1.64%. As Investors’ wealth grew by N895.42billion last week and a total of 51 stocks increased last week higher than 38 stocks the previous week. Furthermore, the Market Indicators NGX-ASI increased by 2.52% w/w to close for the week at 52,512.48 absolute points compared to 51,222.34 absolute points the previous week. While the Market Capitalization also advanced by 2.52% w/w, to close at ₦28.60 trillion as against ₦27.90 trillion the previous week.
The uptrend was influenced by gains recorded in some medium and large capitalized stocks, amongst which are; THOMASWY(+52.58%), LIVESTOCK(+15.04%),SUNUASSUR(+13.79%), UPDC(+11,83%), STERLNBANK (+10.71%), TOTAL(+10.00%), BERGER(+10.00%), PRESCO(+9.67%), DANGSUGAR(+9.38%), MTNN(+6.93%), ARDOVA(+6.11%), DANGCEM(+3.05%), GTCO(+1.69%), OANDO(+1.25%), ZENITHBANK(+1.23%, NGXGROUP(+0.77%), NEIMETH(+0.65%) and ETI(+0.44%).
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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