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Market/Economic Insight: The weekly brief (June 25 – June 29 2018)

Op-Ed Contributor by Op-Ed Contributor
July 2, 2018
in Markets, Stock Market
Nigerian Equity Market
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The performance of the Nigerian Equity Market returned bullish last week with the index (NSE ASI) up by 1.10% WTD to close at an index level of 38,278.55 and market capitalization of N13.87 trillion.

The sectoral performance was positive as bullish sentiments were witnessed in all sectors with the exception of Banking and Oil & Gas index that fell by 1.09% and 1.73% respectively.

The Consumer Goods sector recorded the highest gain amongst NSE indices with the NSE
Consumer Goods index up by 2.69% WTD, owing to significant price appreciation in HONYFLOUR (+9.57%) and NESTLE (+5.35%).

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The market activities were characterised by bargain hunting on 2 out of 5 trading sessions last week as investors took advantage of attractive prices of some stocks and in anticipation for interim dividend payment for H1 2018. Consequently the NSE ASI ended H1 2018 in the green zone with a YTD of +0.09%.

In the global space, bearish sentiments were witnessed in all selected markets last week as investors remained fixated on trade war between the United States, China and European Union. Other factors considered by investors include potential decrease in economic growth and employment alongside increasing inflation.

Stock Watch

Over the last five trading sessions:

FBNH (FBN Holdings) fell by 0.47% to close at N10.60.
Recommendation: We maintain a hold rating on this
stock.

UBA (United Bank of Africa) fell by 0.94% to close at
N10.50. Recommendation: We maintain a buy rating on
this stock.

ACCESS (Access Bank) fell by 0.48% to close at N10.35.
Recommendation: We place a buy rating on this stock.


Contact Anchoria Asset Management Limited for more information

Email: research@anchoriaam.com

www.anchoriaam.com


Follow us for Breaking News and Market Intelligence.
Tags: Anchoria Asset ManagementNigerian Stocks
Op-Ed Contributor

Op-Ed Contributor

Nairametrics frequently publishes articles from experts such as financial analysts, economists, researchers and investors. We also feature articles from guest writers and bloggers who wish to push their views and opinions through our platform. To get your articles on Nairametrics, kindly send an email to info@nairametrics.com and we will publish it within 24 hours of approval by our editorial team.

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