The performance of the Nigerian Equity Market returned bullish last week with the index (NSE ASI) up marginally by WTD 0.66% to close at an index level of 32,540.17 and Market capitalization of N11.88 trillion.
The sectoral performance was positive as bullish sentiments were witnessed in all sectors with the exception of the Insurance Sector with the NSE Insurance Index down by . 4.90% However, the Banking sector recorded the highest increase amongst NSE indices with the NSE Banking Index up by WTD, owing to 2.67% significant price appreciation in UBN ( ). +16.00%
The market activities were characterised by bargain hunting on 3 out of 5 trading sessions last week as investors took advantage of low and attractive prices of stocks in the Banking and Oil & Gas Sector last week.
In the global space, selected equities markets traded on a bullish note ahead of the Fed meeting on Tuesday and Wednesday except for US NASDAQ, as internet-related stocks fell to record a loss of 0.29% WTD. The gain witnessed can be attributed to strong economic data despite escalating trade tensions between US and China.
Stock Watch
Over the last five trading sessions:
SEPLAT (Seplat Petroleum Dev. Company) rose by 2.52% to close at N622.00.
Recommendation: We place a hold rating on this stock.
FBNH (First Bank of Nigeria Holdings) rose by 5.52% to close at N8.60.
Recommendation: We place a buy rating on this stock.
GUARANTY (Guaranty Trust Bank) fell by 0.14% to close at N34.70.
Recommendation: We maintain a buy rating on this stock.
ZENITHBNK (Zenith Bank) rose by 3.74% to close at 20.80.
Recommendation: We maintain a buy rating on this stock.
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