The Nigerian equity market closed trading activities last week positive giving it five star performance for the week as investors’ bullish sentiment was dominant in all of the five trading sessions.
The market positive performance for last week was buoyed by investors’ increased appetite for bellwether stocks like AIRTELAFRI, MTNN, SEPLAT and others, as all sectors gained excluding the consumer goods sector which dropped by 0.42%.
As Investors’ wealth advanced by N847.08 billion last week and a total of 55 stocks increased last week, higher than 44 stocks the previous week.
Furthermore, the Market Indicators NGX-ASI grew by 2.95 % w/w to close for the week at 54,213.09 absolute points compared to 52,657.88 absolute points the previous week.
While the Market Capitalization also increased by 2.95% w/w, to close at ₦29.52 trillion as against ₦28.68 trillion the previous week.
The uptrend was influenced by gains recorded in some medium and large capitalized stocks, amongst which are;
- INTENEGINS (+57.14%)
- NNFM (+44.44%)
- GEREGU (+36.88%)
- MRS (+20.94%)
- SEPLAT (+20.45%)
- FCMB (+18.07%)
- SOVRENINS (+15.38%)
- NAHCO (+14.10%)
- FIDELITYBANK (+11.11%)
- NGXGRP (+10.90%)
- FTNCOCOA (+10.00%)
- MTNN (+5.73%)
- CHIPLC (+4.62%)
- UBA (+3.68%)
- JAIZBANK (+3.45%)
- STERLNBANK (+3.16%)
- AIRTELAFRI (+3.11%)
- GTCO (+3.07%)
- WAPCO (+2.24%)
- ACCESSCORP (+2.22%)
- FBNH (+2.14%)
- ZENITHBANK (+1.20%)
- DANGSUGAR (+1.18%)
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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