The Nigerian equity market closed trading activities last week in green, although investors’ bullish sentiment was dominant in two out of the five trading days. The market positive outturn for last week was attributed to investors’ increased appetite for blue-chip stocks such as; AIRTELAFRI, NESTLE and others, although the Banking, Consumer and Industrial goods dropped by 2.60%, 0.40% and 1.06% respectively. As Investors’ wealth advanced by N44.78billion last week and a total of 39 stocks increased last week lower than 51 stocks the previous week. Furthermore, the Market Indicators NGX-ASI grew by 0.16 % w/w to close for the week at 52,594.68 absolute points compared to 52,512.48 absolute points the previous week. While the Market Capitalization also increased by 0.16% w/w, to close at ₦28.65 trillion as against ₦28.60trillion the previous week.
The uptrend was influenced by gains recorded in some medium and large capitalized stocks, amongst which are; INTENEGINS(+28.95%), MRS(+13.48%), NAHCO(+12.86%), SUNUASSUR(+12.12%), PRESCO (+9.67%), CAVERTON(+9.38%), CORNERSTONE(+9.09%), WAPIC(+7.14%), LINKASSURE(+6.82%), AIRTELAFRI(+3.87%), NGXGROUP(+3.85%), FTNCOCOA(+3.57%), VITAFOAM(+3.30%), AIICO(+3.17%), ETERNA(+2.56%, FCMB(+1.52%), WEMABANK(+1.30%), FBNH(+0.86%), CUSTODIAN(+0.84%), TRANSCORP(+0.82%), ETI(+0.42%), FIDSON(+0.11%) and NESTLE(+0.01%).
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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