The Nigerian equity market closed trading activities for last week negative, although investors’ bearish sentiment was dominant in one out of the five trading days. The market negative out-turn for last week can be attributed to investors’ sell-off sentiment in all the major market sectors, excluding the Banking sector which appreciated by 0.17% w/w and also depreciation of blue chip stocks such as; AIRTELAFRI, DANGCEM, OANDO, MTNN and others. Investors’ wealth declined by N163.63 billion last week, as a total of 36 stocks depreciated last week lower than 43 stocks the previous week.
Furthermore, the Market Indicators NGX-ASI dropped by 0.68% w/w to close for the week at 43,968.75 absolute points compared to 44,269.18 absolute points the previous week. While the Market Capitalization also dipped by 0.68% w/w, to close at ₦23.95 trillion as against ₦24.11 trillion the previous week.
The downtrend was influenced by losses recorded in some medium and large capitalized stocks, amongst which are; PRESTIGE(-15.22%), GUINNESS(-9.95%), CADBURY(-9.69%), CUSTODIAN(-9.32%), NEM(-7.50), MANSARD(-6.13%), PRESCO(-6.12%), OANDO(-5.57%), WEMABANK(-3.96%), MTNN(-2.04%), STANBIC(-1.79%), FIDELITYBNK(-1.46%), DANGCEM(-0.62%), AIRTELAFRI(-0.39%) and FCMB(-0.29%).
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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