The performance of the Nigerian Equity Market remained bullish last week with the index (NSE ASI) up by 0.67% WTD to close at an index level of 38,928.02 and market capitalization of N14.10 trillion.
The sectoral performance was positive as bullish sentiments were witnessed in all sector with the exception of Consumer and Industrial index that slipped by 0.85% and 0.12% respectively. The Oil and Gas sector recorded the highest gain amongst NSE indices
with the NSE Oil & Gas index up by 3.84% WTD, owing to significant price appreciation in SEPLAT (+6.16%). and MOBIL (+4.99%).
The market activities were characterised by bargain hunting on 2 out of the 4 trading sessions last week as some investors took advantage of the low and attractive prices of some stocks while some positioned themselves for dividend ahead of the H1 2018
In the global space, there were mixed reactions in the stock markets last week following Fed decision to increase the Fed rate by 25 basis point and trade tension between US and China. Consequently, the Dow Jones (US) fell for four consecutive times to close the week in
the red while S&P 500 and NASDAQ close the week in the green.
Over the last five trading sessions:
FBNH (FBN Holdings) rose by 2.84% to close at N10.85.
Recommendation: We maintain a hold rating on this stock.
UBA (United Bank of Africa) rose by 0.46% to close at N11.00.
Recommendation: We maintain a buy rating on this stock.
ZENITHBANK (Zenith Bank) fell by 2.40% to close at N26.40.
Recommendation: We maintain a sell rating on
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Email: [email protected]choriaam.com