The performance of the Nigerian Equity Market remained bullish last week with the index (NSE ASI) up marginally by 0.70% WTD to close at an index level of 32,766.37 and Market capitalization of N11.96 trillion.
The sectoral performance was negative as bearish sentiments were witnessed in all sectors with the exception of the Insurance and Banking Sector with the NSE Insurance and Banking Index up by 0.93% and 2.47% respectively. However, the Industrial sector recorded the highest decrease amongst NSE indices with the NSE Industrial Index down by 1.36% WTD, owing to significant price depreciation in BERGER (-8.70%).
The market activities were characterised by profit taking on 3 out of 5 trading sessions last week. However the marginal gain sustained is attributed to increased interest in Financial services stocks despite regulatory activities (CBN and NAICOM) during the week.
In the global space, selected equities markets traded on a mixed note following the Federal Reserve rate hike for the for the third time this year; increasing Oil price and continued trade jitters as the countries of the world met for the United Nations Meeting.
Stock Watch
Over the last five trading sessions:
SEPLAT (Seplat Petroleum Dev. Company) rose by 1.29% to close at N630.00. Recommendation: We place a hold rating on this stock.
FBNH (First Bank of Nigeria Holdings) rose by 3.49% to close at N8.90. Recommendation: We place a buy rating on this stock.
GUARANTY (Guaranty Trust Bank) rose by 5.33% to close at N36.55. Recommendation: We maintain a buy rating on this stock.
ZENITHBNK (Zenith Bank) rose by 3.37% to close at N21.50. Recommendation: We maintain a buy rating on this stock.
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