The Nigerian equity market closed trading activities for last week negative, as investors’ bearish sentiment was dominant in two out of the five trading days.
The market negative performance in the previous week was a result of massive sell-off in major sectors excluding the Industrial and Oil & gas sectors which grew by (+3.01% and +0.20%) respectively. It was also propelled by decline in blue chip stocks like MTNN, NESTLE and so on, as a total of 33 stocks depreciated last week.
Furthermore, the Market Indicators NGX-ASI declined by 0.01% w/w to close for the week at 49,024.16 absolute points compared to 49,026.62 absolute points the previous week. While the Market Capitalization increased by 0.03% w/w, to close at ₦26.45 trillion as against ₦26.44 trillion the previous week, as investors’ wealth rose by N6.86 billion.
The downtrend was influenced by losses recorded in some medium and large capitalized stocks, amongst which are; NESTLE(-10.00%), AFRIPRUD(-9.91%), ROYALEX(-9.80%), FIDSON(-9.05%), ACCESSCORP(-8.52%), AIICO(-7.14%), FCMB(-6.00%), GTCO(-5.84%), UNILEVER(-5.38%), NAHCO(-4.35%), JAPAULGOLD(-3.45%), INTBREW(-2.94%), UBA(-2.78 %), WAPIC(-2.78 %), VITAFOAM(-2.56%), UNITYBANK(-2.27%), NEIMETH(-2.10%),MANSARD(-1.76%), FIDELITYBANK(-1.60%), HONYFLOUR(-1.30%), WEMABANK(-0.29%) and MTNN(-0.10%).
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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