The Nigerian equity market closed trading activities for last week positive, as investors’ bullish sentiment was dominant in all the five trading sessions. Increased appetite for blue-chip stocks such as AIRTELAFRI, DANGCEM, MTNN, OANDO and others influenced domestic market to its five star performance. Also all major sectors gained excluding the oil and gas sector that declined by (-1.29%). A total of 49 stocks appreciated last week higher than 31 stocks the previous week.
Furthermore, the Market Indicators NGX-ASI advanced by 6.88% w/w to close for the week at 47,554.34 absolute points compared to 44,492.73 absolute points the previous week. While the Market Capitalization also increased by 6.88% w/w, to close at ₦25.90 trillion as against ₦24.23 trillion the previous week.
The uptrend was influenced by gains recorded in some medium and large capitalized stocks, amongst which are; NB(+18.67%), SOVRENINS(+16.67%), PRESTIGE(+16.22%), CORNERST(+15.91%), AIRTELAFRI(+14.17%), BUAFOODS(+11.23%), HONYFLOUR(+11.22%), DANGCEM(+9.98%), NEM(+9.87%), BUACEMENT(+9.72%), LIVESTOCK(+9.28%), CADBURY(+8.78%), MTNN(+6.60%), ETI(+6.50%), OANDO(+6.47%), ACCESSCORP(+6.17%), GUINNESS(+4.13%), GTCO(+2.83%), ZENITHBANK(+2.58%), DANGSUGAR(+2.52%), STANBIC(+2.17%), STERLNBANK(+1.41%), FIDELITYBANK(+1.23%), ETERNA(+0.53%) and WEMABANK(+0.33%).
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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