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Market/Economic Insight: The weekly brief ( August 27th – 31st 2018)

Op-Ed Contributor by Op-Ed Contributor
September 3, 2018
in Markets, Stock Market
Nigerian Equity Market
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The performance of the Nigerian Equity Market returned bearish last week with the index (NSE ASI) down by WTD to close at 1.63% an index level of 34,848.45 and Market capitalization at N12.72 trillion.

The sectoral performance was negative as bearish sentiments were witnessed in all sectors with the exception of Consumer Goods sector and Oil & Gas that rose by and 0.34% 0.97% respectively. The Industrial Goods sector recorded the highest decline amongst NSE indices with the NSE Industrial Goods Index down by WTD, owing to significant price depreciation in 4.73% FIRSTALUM (-15.00%) and WAPCO (-10.48%).

The market activities were characterised by profit taking on 4 out of 5 trading sessions last week. This is majorly driven by sell offs in blue chip stocks in the Industrial Goods sector as well as CBN fine on some listed banks (DIAMONDBNK and STANBIC) and MTN Nigeria during the week, ahead of MTN Nigeria’s listing on the Exchange this year.

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In the global space, equities markets traded on a mixed note with US Market and China CSI 300 closing the week in the green while Eurozone markets closed the week in the red: FTSE 100 (-1.91%), CAC 40 (-0.47%), Eurostoxx (-1.01%).

 

Stock Watch

Over the last five trading sessions:

SEPLAT (Seplat Petroleum Dev. Company) remained unchanged to close at N650.00.

Recommendation: We place a hold rating on this stock.

 

FBNH (First Bank of Nigeria Holdings) fell by 8.80% to close at N8.80.

Recommendation: We place a buy rating on this stock.

 

GUARANTY (Guaranty Trust Bank) fell by 4.00% to close at N36.00.

Recommendation: We maintain 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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