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Market/Economic Insight: The Weekly Brief (October 8th – 12 2018)

Op-Ed Contributor by Op-Ed Contributor
October 15, 2018
in Markets, Research Analysis, Stock Market
Nigerian Equity Market

Market insight

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The performance of the Nigerian Equity Market returned bullish last week with the index (NSE ASI) up by 0.23% WTD to close at an index level of 32,456.98 and Market capitalization of N11.85 trillion.

The sectoral performance was negative as bearish sentiments were witnessed in all sectors with the exception of the Banking and Industrial Goods Sector index up by 0.82% and 0.33% WTD respectively. However, the Insurance sector recorded the highest decrease amongst NSE indices with the NSE Insurance Index down by 1.71% WTD, owing to significant price depreciation in LAWUNION (-8.57%) and REGALINS (-8.33%).

The market activities were characterised by bargain hunting on 3 out of 5 trading sessions last week bringing the WTD to close in the green as banking stocks witnessed increased buying sentiments.

RelatedPosts

JP Morgan warns that oil prices could surge to $380 a barrel

Weekly Stock Update: Nigerian Exchange Group record gains, up 0.24% w-o-w

In the global space, selected equities markets traded on a bearish note as investors continued to monitor rising bond yields due to rising interest rates and Federal Reserve
aggressive plan to increase rates in the future. We expect Q3 Earnings to shape market activities in the coming weeks.

Stock Watch

Over the last five trading sessions:
SEPLAT (Seplat Petroleum Dev. Company) remained unchanged to close at N630.00. Recommendation: We place a hold rating on this stock.

FBNH (First Bank of Nigeria Holdings) rose by 2.25% to close at N9.10.
Recommendation: We place a buy rating on this stock.

GUARANTY (Guaranty Trust Bank) rose by 0.27% to close at N36.50.
Recommendation: We maintain a buy rating on this stock.

ZENITHBNK (Zenith Bank) fell by 3.01% to close at N22.20.
Recommendation: We maintain a buy rating on this stock.


Contact Anchoria Asset Management Limited for more information

Email: research@anchoriaam.com

www.anchoriaam.com

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