The Nigerian equity market closed trading activities for last week in green, although investors’ bullish sentiment was dominant in two out of the five trading sessions, sustaining the gaining streak for the third time in a row. The market positive performance for last week was as a result of market watchers increased buying-appetite for bellwether stocks like; AIRTELAFRI, ZENITHBANK,MTNN,PRESCO and others, as all the major sectors advanced with the exception of the Consumer and Industrial goods sector, which declined by (-0.61%) and (-1.20%) respectively. Investors’ wealth grew by N326.97billion last week, as a total of 37 stocks appreciated last week lower than 49 stocks the previous week. Furthermore, the Market Indicators NGX-ASI advanced by 1.26% w/w to close for the week at 48,154.65 absolute points compared to 47,554.34 absolute points the previous week. While the Market Capitalization also increased by 1.26% w/w, to close at ₦26.23 trillion as against ₦25.90 trillion the previous week.
The uptrend was influenced by gains recorded in some medium and large capitalized stocks, amongst which are; THOMASWY(+22.22%), PZ(+14.74%), NPFMCRFBK(+14.00%), WEMABANK(+11.73%), UACN(+10.53%), NEM(+9.22%), UNITYBANK(+7.55%), UNILEVER(+7.27%), GTCO(+7.00%), NGXGRP(+5.04%), MTNN(+4.76 %), ZENITHBANK(+3.88%), ETERNA(+3.86%), LIVESTOCK(+3.77%), FTNCOCOA(+3.45%), PRESCO(+2.73%), AIRTELAFRI(+2.62%), FBNH(+1.82%), FCMB(+1.54%), ROYALEX(+1.41%), FIDELITYBANK(+1.22%), ACCESSCORP(+1.16%), NEIMETH(+0.72%) and CADBURY(+0.45%).
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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