The Nigerian equity market closed trading activities for last week negative, as investors’ bearish sentiment was dominant in three out of the five trading sessions. The market negative performance in the previous week was as a result of depreciated appetite for blue chip stocks such as AIRTELAFRICA which lost three times in a row during the week, followed by others like MTNN, TOTAL, and ARDOVA etc. 29 stocks were down last week higher than 24 stocks the previous week, as the market capitalization also dipped to N24 trillion.
Furthermore, the Market Indicators NGX-ASI declined by 6.67% w/w to close for the week at 44,396.73 absolute points compared to 47,569.04, absolute points the previous week. While the Market Capitalization also dropped by 6.67% w/w, to close at ₦ 24.18 trillion as against ₦25.91 trillion the previous week.
The downtrend was influenced by losses recorded in some medium and large capitalized stocks, amongst which are; AIRTELAFRI(-27.10%), NEM(-9.98%), ROYALEX(-9.78%), MRS(-9.76%), RTBRISCOE(-9.68%), IKEJAHOTEL(-9.68 %), MORISON(-9.59%),NB(-9.58%),LINKASSURE(-8.51%),SOVRENINS(-7.14%),CHAMPION(-6.85%),TOTAL(-6.68%),WAPCO(-6.60%),NAHCO(-4.91%),UACN(-4.44%),BERGER(-4.20%),AFRIPRUD(-3.70%), AIICO(-3.51%),WAPIC(-2.86%),MANSARD(-2.44%),MTNN(-2.01%),CORNERST(-1.92%),FIDSON(-1.85%), JAIZBANK(-1.11%) and ARDOVA(-0.36%).
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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