The Nigerian equity market closed trading activities last week in green, although investors’ bullish sentiment was dominant in two out of the five trading days. The market positive performance for last week was attributed to investors’ increased appetite for bellwether stocks like DANGCEM,GUINNESS,ETERNA and others, as all sectors gained excluding the consumer goods sector which depreciated by 1.09%. As Investors’ wealth advanced by N34.42billion last week and a total of 44 stocks increased last week higher than 39 stocks the previous week. Furthermore, the Market Indicators NGX-ASI grew by 0.12 % w/w to close for the week at 52,657.88 absolute points compared to 52,594.68 absolute points the previous week. While the Market Capitalization also increased by 0.12% w/w, to close at ₦28.68 trillion as against ₦28.65 trillion the previous week.
The uptrend was influenced by gains recorded in some medium and large capitalized stocks, amongst which are; TRIPPLED(+31.25%), INTENEGINS(+28.57%), UNILEVER(+16.23%), GEREGU(+15.27%), JAPAULGOLD (+13.33%), OKOMUOIL(+9.76%), FIDELITYBANK(+8.00%), FIDSON(+5.67%), TOTAL(+5.51%), STANBIC(+4.69%), ETERNA(+4.17%), FCMB(+3.49%), CHIPLC(+3.17%), UBN(+3.12%), WEMABANK(+2.56%, ZENITHBANK(+1.84%), GTCO(+1.45%), GUINNESS(+1.01%), DANGCEM(+0.72%), MAYBAKER(+0.67%), UBA(+0.62%), UACN(+0.50%) and ETI(+0.41%).
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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