The performance of the Nigerian Equity Market remained bearish last week with the index (NSE ASI) down by WTD 2.89% to close at an index level of 35,446.47 and Market capitalization at N12.94trillion.
The sectoral performance was negative as bearish sentiments were witnessed in all sectors. The Oil & Gas sector recorded the highest decline amongst NSE indices with the NSE Oil & Gas Index down by WTD, owing to significant price 5.41% depreciation in SEPLAT (-8.45%) and TOTAL (-5.13%).
The market activities were characterised by profit-taking on 5 out of 5 trading sessions last week despite good earnings scorecard of some companies that released their financials during the week and declaration of dividend by two Tier 1 banks.
In the global space, the equities market witnessed a mixed sentiment last week as investors focused on trade wars between US-China and US-Turkey, and the financial crisis in Turkey. The US Dow Jones fell by 0.59% to close at 25,313.14, erasing all its gains for the month of August while the China CSI 300 rose by 2.71% to close at 3,405.02.
Over the last five trading sessions:
SEPLAT (Seplat Petroleum Dev. Company) fell by 8.45% to close at N650.00.
Recommendation: We place a hold rating on this stock.
FBNH (First Bank of Nigeria Holdings) fell by 4.00% to close at N9.60.
Recommendation: We place a buy rating on this stock.
GUARANTY (Guaranty Trust Bank) fell by 2.62% to close at N39.00.
Recommendation: We maintain a buy rating on this stock.
Contact Anchoria Asset Management Limited for more information