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Market/Economic Insight: The weekly brief ( September 3rd – 7th 2018)

Op-Ed Contributor by Op-Ed Contributor
September 10, 2018
in Markets, Stock Market
Nigerian Equity Market

Market insight

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The performance of the Nigerian Equity Market remained bearish last week with the index (NSE ASI) down by 2.33% WTD to close at an index level of 34,037.91 and Market
capitalization at N12.43 trillion.

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 3.68% WTD, owing to significant price depreciation in SEPLAT (-7.23%).

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 Oil &Gas sector and
Consumer Goods sector during the week.

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In the global space, equities markets traded on a bearish note as all market within our coverage closed the week in the red territory as trade wars between US and China intensified during the week, with the Donald Trump ready to impose another $267 billion tariffs on Chinese goods.

Market/Economic Insight: The weekly brief ( September 3rd  – 7th 2018) Market/Economic Insight: The weekly brief ( September 3rd  – 7th 2018) Market/Economic Insight: The weekly brief ( September 3rd  – 7th 2018) Market/Economic Insight: The weekly brief ( September 3rd  – 7th 2018)

 

Stock Watch

Over the last five trading sessions:

SEPLAT (Seplat Petroleum Dev. Company) fell by 7.23% to close at N603.00.

Recommendation: We place a hold rating on this stock.

 

FBNH (First Bank of Nigeria Holdings) rose by 2.27% to close at N9.00.

Recommendation: We place a buy rating on this stock.

 

GUARANTY (Guaranty Trust Bank) fell by 2.78% 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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