The performance of the Nigerian Equity Market remained bearish last week with the index (NSE ASI) down by 5.02% WTD to close at an index level of 32,327.59 and Market capitalization at N11.80 trillion.
The sectoral performance was negative as bearish sentiments were witnessed in all sectors The Industrial Goods sector. recorded the highest decline amongst NSE indices with the NSE Industrial Goods Index down by WTD, owing to 7.55% significant price depreciation in CCNN ( ) and -26.86% DANGCEM ( ) -5.83%.
The market activities were characterised by profit taking on 4 out of 5 trading sessions last week. Despite low stock price on some counters, investors sentiment remained low as they monitor political events ahead of 2019 general election.
In the global space, selected equities markets except Chinese market, traded on a bullish note as US stock market gained back what was lost in the previous week despite the report that President Donald Trump still wants to impose tariffs on $200 billion Chinese goods. During the week, investors focused on strong companies fundamentals and economic data instead.
Over the last five trading sessions:
SEPLAT (Seplat Petroleum Dev. Company) rose by 0.61% to close at N606.70. Recommendation: We place a hold rating on this stock.
FBNH (First Bank of Nigeria Holdings) fell by 9.44% to close at N8.15.
Recommendation: We place a buy rating on this stock.
GUARANTY (Guaranty Trust Bank) fell by 3.47% to close at N34.75.
Recommendation: We maintain a buy rating on this stock.
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